Oil Futures Bouncing After Inventory Data

May 16, 2012 10:53 AM EDT
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Crude Oil Futures, which are often trading using the ETF (NYSE: USO), are bouncing in mid-day trading after the DoE reported inventories rose 2.13 million barrels vs. a consensus of 1.75 million barrel build

Although inventories have increased, prices did not head lower immediately following the news. Prices have been getting smashed for two week and are hovering between $93 and $94 per barrel.

In addition to crude inventories, gasoline inventories showed a draw of 2.8 million barrels and Distillate had a draw of 969,000 barrels.

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