Crude oil heads to weekly loss as looming surplus depresses market
Portfolio Pulse from
Crude oil is heading towards a weekly loss due to a forecasted surplus of over 1 million barrels per day by 2025, driven by strong U.S. production. Additionally, a strong U.S. dollar is impacting the market following Donald Trump's election victory.
November 15, 2024 | 1:30 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
The United States Brent Oil Fund (BNO) may experience a short-term price decline due to the forecasted surplus in crude oil production and the strengthening U.S. dollar.
BNO, as an ETF tracking Brent crude oil prices, is likely to be negatively impacted by the forecasted surplus in oil production, which could lead to lower oil prices. Additionally, a strong U.S. dollar makes oil more expensive for foreign buyers, potentially reducing demand.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80