Crude Oil Lower as Inventory Shows Surprise Build (USO) (OIL) (UCO)
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United States Oil ETF (NYSE: USO) is trading lower following inventory data that showed a surprise build of 3.78 million barrels last week. Trades were expecting a drop in inventory of 1.75 million barrels. API data last night also showed a build in inventory.
Another factor influencing the price of WTI, which is trading lower near $95 per barrel, is the effects of hurricane Isaac, which made landfall today. Ninety-three percent of production in the Gulf was halted as a result of the storm, but this is not expected to have a long term impact on supplies.
Reports early in the week said that countries may call upon the IEA to take action to keep markets supplied. This suggests countries may release oil from their Strategic Petroleum Reserves if problems in the Middle East result in price spikes.
United States Oil ETF (NYSE: USO) and iPath S&P GSCI Crude Oil Total Return ETF (NYSE: OIL) are lower by close to 1 percent. WTI trades slightly above $95 and Brent trades near $112.75 per barrel.
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Another factor influencing the price of WTI, which is trading lower near $95 per barrel, is the effects of hurricane Isaac, which made landfall today. Ninety-three percent of production in the Gulf was halted as a result of the storm, but this is not expected to have a long term impact on supplies.
Reports early in the week said that countries may call upon the IEA to take action to keep markets supplied. This suggests countries may release oil from their Strategic Petroleum Reserves if problems in the Middle East result in price spikes.
United States Oil ETF (NYSE: USO) and iPath S&P GSCI Crude Oil Total Return ETF (NYSE: OIL) are lower by close to 1 percent. WTI trades slightly above $95 and Brent trades near $112.75 per barrel.
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