Oil prices pare gains following bearish data
The S&P 500 continues to trade higher by 1.4% and is nearing the underside of its 50-day moving average (4436). Oil prices have pared early gains following a much larger than expected build in weekly crude inventories (6.09 million barrels). WTI crude futures are currently up 0.3% to $80.70/bbl after being up 1.5% earlier this morning. Separately, AT&T (T 25.71, +0.41, +1.6%), UPS (UPS 190.75, +6.69, +3.6%), and Caterpillar (CAT 193.70, +193.66, +4.72, +2.5%) are benefiting from positive-minded analyst recommendations today.