WTI Retakes $90, but It's All About the Dollar (USO) (OIL) (UCO)

July 27, 2012 11:20 AM EDT
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United States Oil Fund LP ETF (NYSE: USO) is trading higher by 0.70 percent intraday on Friday as WTI futures retake $90 per barrel. Inventory data reported this week showed a surprise build of 2.72 million barrels. Analysts were calling for a drop of 1 million barrels.

Early in the week, oil dropped from near $92 per barrel to a low of just under $87. Brent traded to a low near $102 before recovering to $106 per barrel. The comeback was driven in part by a pullback in the U.S. dollar.

PowerShares DB US Dollar Index Bullish (NYSE: UUP) is lower by 1.85 percent in the past 5 days. United States Oil (NYSE: USO) is higher by 1.82. The high correlation shows a lack of momentum in oil this week.

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