Crude Inventories Lower Than Expected

The Energy Information Administration (EIA) just released its weekly oil inventory report, and it showed crude supplies declined by 4.16 million barrels.

This was lower than analysts' expectations.

As a result, oil has started to accelerate its losses, now trading at $88.31, a loss of $1.30 per barrel. Oil was higher than that before the report came out.

Gasoline supplies rose 3.29 million barrels, while distillate supplies rose 1.15 million barrels.

Shares of United States Oil Fund LP ETF (NYSE: USO), which tracks the price of crude, are down 41 cents to $37.67.