OPEC Says, Regarding WSJ Report About Saudi Saying Oil May Drop To $50 If OPEC+ Flouts Output Curbs, It Refutes Story's Claims As 'Wholly Inaccurate And Misleading'
Portfolio Pulse from Benzinga Newsdesk
OPEC has refuted claims made in a Wall Street Journal report that suggested Saudi Arabia indicated oil prices could drop to $50 if OPEC+ does not adhere to output curbs. OPEC labeled the report as 'wholly inaccurate and misleading.'
October 02, 2024 | 5:28 pm
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NEUTRAL IMPACT
The United States Oil Fund (USO) may experience volatility due to OPEC's refutation of a report suggesting potential oil price drops to $50. OPEC's denial could stabilize investor sentiment regarding oil prices.
The USO, which tracks oil prices, could have been impacted by fears of a significant price drop. However, OPEC's refutation of the report may alleviate concerns, leading to a neutral short-term impact on USO.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80