Oil Moves Higher Following Inventory Report (USO) (OIL) (UCO)
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.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- API Shows US Crude, Gasoline Stocks Fell Last Week, Distillates Rose - Reuters
- Japan's yen falls to 1990 lows, dollar/yen nears 155
- Oil prices flat as markets await more economic cues; US inventories shrink
Create E-mail Alert Related Categories
Commodities, ETFsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!