With the summer driving season rapidly approaching and growing demand reducing energy stockpiles, the price of crude oil has continued to surge higher.
As of Tuesday, the price of West Texas Intermediate Crude Oil was nearing the significant $105 mark, ahead of the Department of Energy’s weekly inventory report.
Speculation over an additional reduction in stockpiles has energy traders making increasing bullish bets on crude oil ahead of the report. This speculation, in turn, has lifted the United States Oil Fund (NYSE: USO) more than eight percent so far this year and added to gains in energy stocks as well.
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