U.S. Cushing Inventories Draw Of 1.979M
Portfolio Pulse from Benzinga Newsdesk
U.S. Cushing oil inventories have decreased by 1.979 million barrels, which could impact oil prices and related ETFs.
September 18, 2024 | 2:30 pm
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The decrease in U.S. Cushing oil inventories by 1.979 million barrels may lead to a rise in oil prices, potentially benefiting the United States Oil Fund (USO).
A drawdown in oil inventories typically suggests higher demand or lower supply, which can lead to increased oil prices. As USO is an ETF that tracks oil prices, it is likely to benefit from this inventory draw.
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