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ITZ re-entered Proshares UltraShort CrudeOil ETF (SCO) this morning with a 1/2 position cost basis $37, it closed at $38.58 - STOP set at $38.50.
WTI Crude Oil reversed around $97.70, resistance on a daily chart, which ITZ posted on Twitter this week. Downside support is $92.50.
Oil Inventory Data: Late Tuesday, data from the API revealed that U.S. crude oil inventories rose 4.70 million barrels and gasoline stocks were down 5.00 million barrels in the week ended March 29.
The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories increased by 2.70 million barrels to 388.60 million barrels last week, and are well above the upper limit of the average range for this time of year. EIA Report
The week before, crude oil inventories increased 3.30 million barrels to 385.90 million barrels.
Meanwhile, total motor gasoline inventories moved down by 0.60 million barrels last week, after shedding by 1.60 million barrels in the prior week, but remained in the middle of the average range.
Analysts were expecting crude oil inventories to rise 2.10 million barrels last week.
Barclays Cuts 2013 Oil Price Forecast as Supply Risks Fade Link
Lowering 2013 Brent price from $125 to $112 and WTI from $108 to $95. The note added that an early resolution of the Iranian situation and recovery in its export volumes, a slowing of China's recovery or an interruption to the nascent recovery of U.S. oil demand could all force down the price of oil.
more crude oil posts link