Oil Inventory Declines, Price Consolidates Ahead of Friday’s Job’s Number (USO)
Tweet
Share
E-mail
United States Oil (NYSE: USO) was trading lower by 0.80 percent prior to the release of inventory data on Thursday. The data showed a decline in inventory of 4.3 million. A Dow Jones survey of analysts called for a 1.4 million barrel decline.
Traders say the lower price indicates consolidation after a huge move higher that began last Friday, with more upside seen going forward. However, others disagree and point to profit taking after the recent monthly decline.
Friday's jobs number will likely send oil swinging one way or the other and it could cause medium term momentum in either direction.
WTI futures were trading at $87.15 prior to the inventory date and were heading higher immediately following the release.
Traders say the lower price indicates consolidation after a huge move higher that began last Friday, with more upside seen going forward. However, others disagree and point to profit taking after the recent monthly decline.
Friday's jobs number will likely send oil swinging one way or the other and it could cause medium term momentum in either direction.
WTI futures were trading at $87.15 prior to the inventory date and were heading higher immediately following the release.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Crude Inventory Fell 4.5M Barrels Last Week - EIA
- Oil settles 1% higher, as US-Iran strikes threaten supplies
- OPEC+ meeting Sunday will not make any output policy decision - Reuters
Create E-mail Alert Related Categories
Commodities, ETFsRelated Entities
Oil InventoriesSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
