Crude Oil Inventory Data Gives Bulls Breathing Room

November 1, 2012 11:26 AM EDT
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United States Oil ETF (USO) is on the fly as WTI futures reversed course following a bullish report by the EIA. The government report showed a surprise drop in crude inventory last week. Stock piles fell 2.05 million barrels compared to estimates that called for gains of 1.8 million barrels. The numbers were particularly surprising in light of API data yesterday that confirmed a build in inventory.

Oil prices have been under pressure in recent weeks as concerns of a global slowdown offset lingering Middle East tensions. Today's report, while not a panacea, should give oil bulls temporary relief.

WTI trades near $87 per barrel.

Brent trades near $108.75.

United States Oil ETF (NYSE: USO) trades higher by 1.2 percent.

iPath S&P GSCI Crude Oil Total Return ETF is higher by 1.25 percent.

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