VDE - Oil reverses losses after big drops in U.S. crude gasoline inventories

Crude oil futures have turned higher today following the government's weekly report that showed big drops in U.S. crude and gasoline inventories, but gains are limited by the lingering uncertainty over the continued OPEC dispute.The Energy Information Administration said U.S. crude inventories fell by 6.9M barrels in the week ended July 2, while gasoline inventories sank 6.1M barrels, both more than expected.August WTI crude (CL1:COM) +0.8% at $72.81/bbl and September Brent (CO1:COM) +0.7% at $73.99/bbl, while August RBOB gasoline futures (XB1:COM) +1.5% at $2.24/gallon.ETFs: [[XLE]], [[USO]], [[UCO]], [[XOP]], [[VDE]], [[GUSH]], [[OIH]], [[ERX]], [[BGR]], [[BNO]], [[UGA]]The S&P energy sector ([[XLE]] -0.3%) wobbles between small gains and losses after skidding nearly 7% for the week before narrowing the loss to ~4.5%.Cabot Oil & Gas ([[COG]] +3.3%) and Cimarex Energy ([[XEC]] +3.5%) - which have announced merger plans - are two of the day's best gainers.Also trading higher: [[DVN]] +1.7%, [[RIG]] +1.3%, [[MRO]] +1%, [[OXY]]

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Oil reverses losses after big drops in U.S. crude, gasoline inventories