Oil Inventories Show Surprising Drop, API Says (XOM, COP, XLE, USO, more)

Energy companies and ETF's should benefit from a rally in oil today after several days of drops. The American Petroleum Institute (API) reported late Tuesday that crude inventories fell about 5.8 million barrels last week. Crude has lost more that 7% since the start of December.

WTI futures are up $0.95 to $73.57 before the market.

Companies and ETFs to watch today:

• ExxonMobil (NYSE: XOM);
  
• ConocoPhillips (NYSE: COP);
  
• BP Plc (NYSE: BP);
  
• Chevron (NYSE: CVX);
  
• United States Oil Fund LP (NYSE: USO);
  
• iPath S&P GSCI Crude Oil Ttl Ret Idx ETN (NYSE: OIL);
  
• Energy Select Sector SPDR (NYSE: XLE).

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