Oil up nearly 5% after OPEC decision

OPEC will be pumping an additional 800k barrels per day starting soon but that wasn't as much as the market feared. In turn, WTI crude oil has surged to the best levels since May 25.

In today's rip higher, crude rallied above resistance at the June 14 high and the May 30 high in an impressive showing of strength. The last major hurdle is the 61.8% retracement of the May/June fall and that stands at $69.30.

The rally in crude has also erased most of the gains in USD/CAD that came after poor Canadian retail sales and CPI reports.