Oil (USO) Continues to Slide as Saudis Crank Up Production
Tweet
Share
E-mail
U.S. crude prices fell again in overnight trading, as Saudi Arabian oil minister Ali al-Naimi said today that they were pumping 10 million bpd and storing 80 million in case of supply disruption, according to reports out of Reuters. The 10 million bpd level of production is close to decade highs.
Other factors affecting the price of oil are a build up in inventory in the US and a limp labor market.
A weekly inventory report that helps explain factors behind energy costs is due out later today from industry group American Petroleum Institute.
ETF United States Oil (NYSE: USO) seeks to reflect the performance, less expenses, of the spot price of West Texas Intermediate (WTI) light, sweet crude oil.
Other factors affecting the price of oil are a build up in inventory in the US and a limp labor market.
A weekly inventory report that helps explain factors behind energy costs is due out later today from industry group American Petroleum Institute.
ETF United States Oil (NYSE: USO) seeks to reflect the performance, less expenses, of the spot price of West Texas Intermediate (WTI) light, sweet crude oil.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Iran’s president calls for end to war with US
- Global yield relief evaporates as U.S. rates push back toward multi-decade peaks
- Bessent on Iran: maximum economic pressure means likely not a kinetic restart
Create E-mail Alert Related Categories
ETFsRelated Entities
Crude OilSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
