Oil prices move higher following bullish inventory report, Iranian missile test

Today's inventory report was not the only factor pushing oil prices higher, as Iran is once again in the news.

There has been a lot of attention focused on Iran recently, particularly over its nuclear program. While the country continues to deny they are pursuing nuclear technology for anything other than peaceful reasons, most countries are finding that hard to swallow and contend that the country is in pursuit of nuclear weapons.

Iran made news once again today with the successful test firing of a long range missile capable of hitting Israel, or even the European Union countries Romania and Bulgaria.

The country announced that this missile is improved from the one it test fired back in May, and is harder to shoot down, and quicker to launch than its predecessor.

Combined with this week's inventory numbers, the Iranian missile test has pushed oil prices up $1.84 a barrel, erasing losses from the previous week.

Oil has been in a downward trend for the past month, but we could definitely been looking at a prolonged rebound as we head deeper into the winter heating months.