Oil Inventory Declines, Price Consolidates Ahead of Friday’s Job’s Number (USO)

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United States Oil (NYSE: USO) was trading lower by 0.80 percent prior to the release of inventory data on Thursday. The data showed a decline in inventory of 4.3 million. A Dow Jones survey of analysts called for a 1.4 million barrel decline.

Traders say the lower price indicates consolidation after a huge move higher that began last Friday, with more upside seen going forward. However, others disagree and point to profit taking after the recent monthly decline.

Friday's jobs number will likely send oil swinging one way or the other and it could cause medium term momentum in either direction.

WTI futures were trading at $87.15 prior to the inventory date and were heading higher immediately following the release.

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