API Weekly Crude Oil Stock: 573K Barrel Draw vs 2.3M Barrel Build Est.
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a crude oil stock draw of 573,000 barrels, contrary to the expected build of 2.3 million barrels. This unexpected draw could influence oil prices and related ETFs.
October 29, 2024 | 8:44 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
The unexpected crude oil stock draw reported by API could lead to a short-term increase in oil prices, positively impacting the United States Oil Fund (USO).
The API's report of a crude oil stock draw, contrary to the expected build, suggests a tighter supply than anticipated. This could lead to an increase in oil prices, which would likely benefit oil-related ETFs like USO.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80