NEW YORK, NY / ACCESSWIRE / February 1, 2016 / United States Oil ETF (NYSE: USO) a commodity pool that issues limited partnership interests that reflects the changes in percentage terms of the spot price of light, sweet crude oil, recently rallied off a 52 – week low and has sustained those gains as the investment community awaits central bank policy decisions. Additionally, the U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning. U.S. commercial crude inventories increased by 8.4 million barrels last week, maintaining a total U.S. commercial crude inventory of 494.9 million barrels. The commercial crude inventory remains near levels not seen at this time of year in at least the past 80 years. Policy changes may have an effect on the price of oil, but the supply glut that started the collapse initially has yet to be addressed.
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(February 1, 2016 - 7:50 AM EST)
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