Inventory Data Causes WTI Reversal, Consolidation Seen (USO) (OIL)

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United States Oil (NYSE: USO) recovered early losses as WTI futures reversed following data from the U.S. Energy Department. Today's report showed that stockpiles fell 3.7M barrels, versus the consensus for a drawdown of 1.5M barrels. API data yesterday said that inventories rose 2.8 million barrels, which had some paring estimates.

After a month long rally in prices, traders say WTI crude oil is consolidating below $95 per barrel. Jitters the Middle East eased somewhat following level-headed comments from U.S. Defense Secretary Leon Panetta.

United States Oil (NYSE: USO) is high by 0.1 percent intraday on Wednesday. WTI trades at $93.39 per barrel, and Brent trades just below $113.

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