Reported Earlier: OPEC Lowers 2024 Global Oil-Demand Growth Forecast To 1.93M Barrels/Day From 2.03M Barrels/Day; Lowers 2025 Global Oil-Demand Growth Forecast To 1.64M Barrels/Day From 1.74M Barrels/Day; OPEC Keeps 2024 Global Economic-Growth Forecast At 3%; Keeps 2025 Global Economic-Growth Forecast At 2.9%; Raises 2024 U.S. Economic-Growth Forecast To 2.5% From 2.4%; Keeps 2025 U.S. Economic-Growth Forecast At 1.9%
Portfolio Pulse from Benzinga Newsdesk
OPEC has revised its global oil-demand growth forecasts for 2024 and 2025, lowering them slightly. The organization maintains its global economic growth forecasts for the same years but has slightly increased the U.S. economic growth forecast for 2024.
October 14, 2024 | 3:07 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
OPEC's slight increase in the U.S. economic growth forecast for 2024 could have a positive impact on the SPDR S&P 500 ETF Trust (SPY), reflecting potential economic strength.
The SPDR S&P 500 ETF Trust (SPY) is influenced by U.S. economic conditions. A higher economic growth forecast by OPEC for 2024 suggests potential economic strength, which could positively impact SPY.
CONFIDENCE 85
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
OPEC's downward revision of global oil-demand growth forecasts for 2024 and 2025 could negatively impact oil prices, affecting the United States Oil Fund (USO).
The United States Oil Fund (USO) is directly tied to oil prices. A lower demand growth forecast by OPEC suggests potential downward pressure on oil prices, which could negatively impact USO's performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80