U.S. Inventory Data Socks Crude Oil (USO) (OIL) (UCO)
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Despite gains in other commodities such as gold and soft commodities, WTI crude oil is trading lower in early trading on Wednesday. The downdraft comes as supply data in the U.S. showed an unexpected increase in inventory. Inventories rose 2.72 million barrels. Analysts were calling for a drop of 1 million barrels. Gasoline inventory also rose, coming in well above expectations at 4.13 million barrels.
United States Oil Fund LP ETF (NYSE: USO) is lower by 1.4 percent. WTI trades close to $87 per barrel, and Brent trades at $102.50.
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United States Oil Fund LP ETF (NYSE: USO) is lower by 1.4 percent. WTI trades close to $87 per barrel, and Brent trades at $102.50.
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