Crude Prices Fall as Inventory Builds (USO) (OIL)
Tweet
Share
E-mail
WTI futures dropped on Wednesday after government data showed a massive build in inventory. The report showed crude stockpiles for the week ending April 26th grew by 6.7 million barrels, a much larger gain compared to a survey that called for a gain of only 1.1 million barrels. API data on Thursday indicated a build of 5.2 million barrels, which may have given some investors reason for concern heading into the print.
WTI trades above $90 but may test $89-$90 in the short term, which could set up a test of recent lows at $86 if prices can't find support, say some traders.
United States Oil ETF (NYSE: USO) is lower by 2.7%. iPath S&P GSCI Crude Oil ETN (NYSE: OIL) is lower by a similar amount.
WTI trades above $90 but may test $89-$90 in the short term, which could set up a test of recent lows at $86 if prices can't find support, say some traders.
United States Oil ETF (NYSE: USO) is lower by 2.7%. iPath S&P GSCI Crude Oil ETN (NYSE: OIL) is lower by a similar amount.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Crude Inventory Declined 6.4 Million Barrels Last Week
- EUR/USD could stay on a holding pattern until key US data, analyst says
- Dollar drop does not look too sustainable - ING
Create E-mail Alert Related Categories
Commodities, ETFsRelated Entities
Standard & Poor's, 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!
