Another Bullish Inventory Report Sends Oil Higher (USO) (OIL) (UCO)

United States Oil Fund LP ETF (NYSE: USO) and iPath S&P GSCI Crude Oil TR Index ETN (NYSE: OIL) are higher by about 0.50 percent intraday on Wednesday. The move higher extends weekly and monthly gains for the ETFs, which are tied to the price of WTI.

WTI futures are trading slightly higher today at $97 per barrel following the release of EIA data that showed crude inventories continue to fall. Last week, inventory declined by 5.41 million barrels. Analysts expected a decline of only 250k barrels.

Investors hoping the high price of crude oil might present an opportunity to short the commodity remain skittish due to increasing tensions in the Middle East, as reports suggesting a potential stick on Iran’s nuclear facilities by Israel continue to be circulated. Less concern about the crisis in the euro zone is also helping to support the commodity.

United States Oil Fund LP ETF (NYSE: USO) has gained 9.6 percent in the past month.

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