Crude Prices Fall as Inventory Builds (USO) (OIL)
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WTI futures dropped on Wednesday after government data showed a massive build in inventory. The report showed crude stockpiles for the week ending April 26th grew by 6.7 million barrels, a much larger gain compared to a survey that called for a gain of only 1.1 million barrels. API data on Thursday indicated a build of 5.2 million barrels, which may have given some investors reason for concern heading into the print.
WTI trades above $90 but may test $89-$90 in the short term, which could set up a test of recent lows at $86 if prices can't find support, say some traders.
United States Oil ETF (NYSE: USO) is lower by 2.7%. iPath S&P GSCI Crude Oil ETN (NYSE: OIL) is lower by a similar amount.
WTI trades above $90 but may test $89-$90 in the short term, which could set up a test of recent lows at $86 if prices can't find support, say some traders.
United States Oil ETF (NYSE: USO) is lower by 2.7%. iPath S&P GSCI Crude Oil ETN (NYSE: OIL) is lower by a similar amount.
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