Oil is trading lower after OPEC lowered its 2024 global oil-demand growth forecast and its 2025 global oil-demand growth forecast.
Portfolio Pulse from Benzinga Newsdesk
Oil prices are declining as OPEC reduces its global oil-demand growth forecasts for 2024 and 2025.
October 14, 2024 | 3:37 pm
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NEGATIVE IMPACT
BNO, an ETF that tracks Brent crude oil prices, is likely to be impacted negatively in the short term due to OPEC's reduced demand growth forecasts for 2024 and 2025.
BNO is directly linked to Brent crude oil prices, which are expected to decline due to lower demand growth forecasts by OPEC. This will likely lead to a decrease in BNO's value.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
USO, an ETF that tracks West Texas Intermediate (WTI) crude oil prices, is expected to face short-term pressure as OPEC lowers its oil-demand growth forecasts for 2024 and 2025.
USO is tied to WTI crude oil prices, which are likely to be negatively affected by OPEC's reduced demand growth forecasts, leading to potential short-term declines in USO's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80