Crude oil future contracts closed higher on US economic data (Auto and Housing numbers) a decline in distillate and crude oil inventories in the US, a 3.7% rise in gasoline pump sales kicking off the driving season and a first in 10 week decrease in WTI inventories at Cushing, OK. US housing numbers come out Friday morning and will set the tone for crude oil trade as well as currency markets on Friday.
Next week is the future roll over for crude oil ETF’s for both OIL and USO and we will see some pricing pressure on future prices as both funds rollover their future contracts to avoid taking delivery.