Oil is trading lower following a build in US crude inventories.
Portfolio Pulse from Benzinga Newsdesk
Oil prices are declining due to an increase in US crude inventories, which suggests a potential oversupply in the market.
October 23, 2024 | 7:25 pm
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NEGATIVE IMPACT
BNO, an ETF that tracks Brent crude oil prices, may see a decline in value as oil prices drop due to increased US crude inventories.
BNO is directly linked to Brent crude oil prices, which are likely to decrease due to the reported increase in US crude inventories, indicating a potential oversupply.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
USO, an ETF that tracks WTI crude oil prices, is likely to experience a decrease in value as oil prices fall following a build in US crude inventories.
USO is directly tied to WTI crude oil prices, which are expected to fall due to the increase in US crude inventories, suggesting a potential oversupply in the market.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80