API Weekly Crude Oil Stock: 1.58M Barrel Draw vs 3.2M Barrel Build Est.
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a crude oil stock draw of 1.58 million barrels, contrary to the expected build of 3.2 million barrels. This unexpected draw could influence oil prices and related ETFs.
October 16, 2024 | 8:39 pm
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The United States Oil Fund (USO) may see a positive impact due to the unexpected crude oil stock draw reported by the API, which could lead to higher oil prices.
The API's report of a crude oil stock draw instead of the expected build 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 news.
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