Oil rises above $57.50
Oil is riding the coattails of the climb in risk appetite that started on Monday. WTI just rose above yesterday's high to a fresh peak since March 1. The high on the first day of the month was $57.88, which is about 30 cents away.
The key today will be inventory data at 1430 GMT. The private numbers from API late yesterday showed a surprise draw in oil and gasoline:
- Crude -2580K
- Gasoline -5850K
- Distillates +195K
- Cushing -1100K
The market had been looking for a 3000K build in crude supplies.
