Why Oil Stocks Are Facing Selling Pressure on Wednesday – United States Oil Fund (ARCA:USO)

United States Oil Fund uso Trading thinly on Wednesday after reports of Saudi Arabia continuing crude oil prices cut,

what to know: The world’s top oil exporter Saudi Arabia is considering further cuts in the price of its Arabian Light crude.

According to four respondents polled by Reuters, official selling price Its medium grade crude could decline by around $1.50 a barrel next month.

If the cuts are implemented, Arab light crude prices will fall to prices not seen since 2021.

“The near-term market outlook is dim. More Russian barrels are expected to flow to Asia, but demand is not picking up,” one respondent reportedly told Reuters.

SPDR S&P 500 Spy Looking positive for Wednesday’s session, but it is being hindered by oil names.

Some oil-related stocks that lagged the broader market on Wednesday included Marathon Oil Corp. MRO, Occidental Petroleum Corporation oxy And Chevron Corporation cvx,

front month WTI crude futures contracts were trading down 4.91% at $73.13 at the last check, while the international benchmark Brent crude was hovering around $78.07.

Don’t miss it: Best Oil Stocks to Own Right Now

USO Price Action: The US Oil Fund is down 4.98% at $64.27 at the time of publication benzinga pro,

Photo: Kristina Kasputyan From pixabay.

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