Wed, Jul 23, 2014 12:56 PM EDT 1:55
Crude oil inventories drop by 4 million barrels, according to the U.S. Energy Information Administration. Chicago Energies options trader Peter Amandio tells TheStreet's Joe Deaux that WTI crude oil prices are rising on the news, which he says could signal more gains for the commodity in the next few sessions. WTI crude recently dropped to about $100 a barrel, but have since risen back to more than $103 as speculators are making bets that declining supply could fall short of current demand. Find out how high Amandio thinks the WTI crude oil price per barrel will be by next week. TheStreet's Joe Deaux reports from New York.