Crude Moves Higher On Large Inventory Drop
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Crude is rallying after today's Department of Energy inventory report showed a much larger than expected draw-down in crude. The report showed crude oil inventories fell 8.4 million barrels, versus an expected 1.2 million barrel rise. In addition, Gasoline inventories fell 2.18 million barrels, versus an expected 1 million barrel fall. Crude is over $71 per barrel on the news. Related ETF's Oil Services HOLDRs (NYSE: OIH), United States Oil (NYSE: USO).
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