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Oil is trading higher on the day, but prices have fallen a good bit from the high they hit immediately following this week's inventory report.Prices rose as high as $83.03 a barrel, and are currently trading at $81.97, up $0.48.
The reason why prices spiked so much following the report was the initial reaction to the smaller than expected rise in crude reserves. Analysts had been looking to see a jump of 2.1 million barrels last week, but the report indicated that inventories rose by a much smaller 1.4 million barrels.
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