Oil climbed as high as $105.06 on Tuesday, touching the highest since March and close to the highest since September.
The API weekly inventory data is due shortly after the US stock market close and is expected to show a 1.5m drawdown on supplies.
Technically, there’s a threat of a false breakout on a spinning top formation after the failure to hold $105. I’m skeptical of fresh shorts just now but an unexpected build in supplies would be a reason to sell. Barring that, a rally towards the $110 September highs could be in the cards.
WTI crude oil
