U.S. Crude Oil Inventories A Draw Of 1.63M Vs Draw Of 200K Expected, Build Of 833K Prior
Portfolio Pulse from Benzinga Newsdesk
U.S. crude oil inventories saw a larger-than-expected draw of 1.63 million barrels, compared to the anticipated draw of 200,000 barrels and a previous build of 833,000 barrels. This unexpected draw could impact oil prices and related ETFs.
September 18, 2024 | 2:30 pm
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The United States Oil Fund (USO) may see a positive impact due to the larger-than-expected draw in U.S. crude oil inventories, which could lead to higher oil prices.
The larger-than-expected draw in crude oil inventories suggests a tighter supply, which typically leads to higher oil prices. As USO tracks the price of oil, it is likely to benefit from this development.
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