Oil Moves Higher Following Inventory Report (USO) (OIL) (UCO)

August 1, 2012 11:34 AM EDT
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United States Oil ETF (NYSE: USO) is trading higher today after the EIA report showed that inventories in the U.S. dropped by a larger amount than expected. Analysts were calling for a drop of 1 million barrels. Instead, according to today’s report, inventory dropped by 6.52 million barrels.

As a result, WTI futures are trading higher and are back above $88 per barrel. United States Oil ETF (NYSE: USO) is trading higher by 1.25 percent.

Like other investors, energy traders will be focused on comments from the Fed today. They are also very interested in tomorrow’s ECB decision.

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