Oil ETF’s Hit As Crude Inventory Keep Rising (USO, OIH)

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April 22, 2009 10:26am NYSE:USO

black-goldThe Department of Energy released its weekly oil inventory data and again we saw another build-up of black gold.  This increase has started to hit the United States Oil (USO) and the Oil Services HOLDRs (OIH) ETS’s on the news.  We also saw a build-up in all of the sub-stes measured as well.  What is interesting is that we are also starting to see a rise in refining capacity.

Crude oil inventories rose by 3.857 million barrels to 370.6 million barrels; and we were expecting a build of around 2 million barrels.  The gasoline inventories rose by 0.802 million barrels to 217.3 million barrels.  Distillates rose by 2.682 million barrels and now sits at a level of 142.31 million barrels.

Full Story:  http://247wallst.com/2009/04/22/oil-etfs-hit-as-crude-inventory-keep-rising-uso-oih/#more-31676



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