Oil Falls After Reaching A 17-Month High (SCO, DBO)

Oil fell in trading today after reaching a 17-month high on Monday. Crude oil for delivery in May fell $0.33 to $86.29 a barrel on the New York Mercantile Exchange, while Brent crude for delivery in May fell $0.34 to $85.54 on the ICE Futures Europe exchange in London. On Monday, the ProShares UltraShort DJ-UBS Oil (ETF) (NYSE: SCO) closed 3.92% lower at $11.26 in trading, while the PowerShares DB Oil Fund (ETF) (NYSE: DBO) closed 2.02% higher at $29.34 in trading. According to a survey conducted by Bloomberg ahead of the Energy Department’s inventory report on Wednesday, crude oil inventories were up 1 by million barrels in the last week.