Crude futures continue trade higher in the wake of the latest crude
inventory report from the Department of Energy. Crude inventories
increased by 22,000 barrels during the week ended November 7, which is
fewer than the build of 1 million barrels that was widely expected.
Oil found support early on when reports indicated OPEC may schedule an
emergency meeting to adjust output amid softer demand and falling
prices. OPEC's next regularly scheduled meeting is set for December.
Oil futures are currently up 1.5% to $57.00 per barrel. Crude was up as much as 3.2% earlier.
Stocks are moving in a volatile manner yet again. After opening with
solid gains the S&P 500 fell to a loss of 0.6%, but then rallied to
a gain of 1.7%. The recent rally proved unsustainable.