Egypt Tension, Large Draw Drive Crude Prices Higher (USO) (OIL)

Crude prices are ticking higher today amid a couple of catalysts.

Tensions in Egypt are pressuring much of the Middle East, with potential supply disruptions out of the oil-rich region on traders' radars. Though Egypt isn't a major exporter, many are keeping an eye on the effect with the Suez Canal, a key transit for the commodity.

Also, economic data out today had U.S. stockpiles down 10.347 million barrels, versus economists expectations calling for an increase of 0.018 million barrels.

Crude for August delivery is up $1.83 to $101.43 per barrel on the Comex, with prices back above $100 for the first time since last September.

ETFs on the move today include United States Oil (NYSE: USO), iPath S&P GSCI Crude Oil TR Index ETN (NYSE: OIL), ProShares Ultra DJ-UBS Crude Oil (NYSE: UCO), and PowerShares DB Crude Oil Long ETN (NYSE: OLO).

---

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
• United States Oil Fund (USO) option implied volatility as WTI crude trades $82
• European stocks rise; Tesla earnings boost global sentiment