Oil stocks moved yesterday, and looks like more: Crude heads to the $50's
Oil prices are on the rise again following a near 5% jump on Tuesday. The surge is being triggered by data from the American Petroleum Institute showing a 1.2M barrel decrease in crude stocks last week and comments by OPEC chief Abdalla Salem el-Badri anticipating big cuts to oil investment.
The commodity has now rallied more than 27% from its August low, and is up 2.3% at $49.62/bbl. U.S. oil market figures from the EIA are also due at 10:30 a.m. ET.
ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
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