Thanks a little bit to concerns about further bailouts and largely thanks to a decline in inventories, oil has headed higher mid-day to around $98 a barrel.
"the Energy Information Administration said crude inventories declined 1.4 million barrels in the week ended Nov. 4.
Gasoline inventories declined 2.1 million barrels, while distillates supplies were off 6 million barrels, the EIA said.
Analysts polled by Platts had expected crude oil stocks to rise 1 million barrels, gasoline stocks to decline 400,000 barrels, and distillates stocks to be down 2.5 million barrels."
http://www.marketwatch.com/story/oil-off-three-month-high-on-euro-zone-worries-2011-11-09?link=MW_latest_news
Certainly not good for consumers (may effect retail stocks) and many industries (airlines, for example), and it's more than a little concerning that oil looks to possibly head over the $100 barrier once again. Still, oil stocks largely not following: OIH (Oil Services ETF) down a little over 3.5%, while energy select SPDR (XLE) down 2.5%.
Oil and Gas Drilling Explanation Video:
