Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Is Mostly Flat As Norway's Johan Sverdrup Oilfield Resumes Production
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Oil prices remain mostly flat as Norway's Johan Sverdrup oilfield resumes production. WTI oil failed to test the $70.00 level.
November 19, 2024 | 7:45 pm
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NEUTRAL IMPACT
The resumption of production at Norway's Johan Sverdrup oilfield has kept oil prices mostly flat, impacting the United States Oil Fund (USO), which tracks WTI oil prices. WTI oil did not reach the $70.00 level, indicating a neutral short-term impact.
The United States Oil Fund (USO) is directly affected by changes in WTI oil prices. The resumption of production at Johan Sverdrup oilfield has kept oil prices flat, and WTI oil's failure to test $70.00 suggests no significant short-term price movement for USO.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80