Oil prices had been retreating earlier in the day, but after the release of this weeks inventory report from the U.S. Energy Department prices have reversed and the bulls are pushing prices well into the green on the day. Currently the precious crude has traded up $1.05 to $86.32.
Before today’s report, analysts had been expecting to see an increase of around 300,000 barrels of oil, but the report actually showed that inventories in the U.S. fell by a surprising 5.3 million barrels last week.
Also helping push prices higher are reports today confirming that Turkey has been following through on threats to invade Northern Iraq in pursuit of Kurd rebels that have been accused of attacking Turkey over the past couple weeks. Analysts fear that any increase in activity between the two will lead to supply disruptions in the region.
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