Oil gets off the canvas

WTI crude is up $1.74 to $48.83 as it climbed to the best levels since December 16.

Chinese stimulus is the main driver of the gains along with better US economic data that's diminishing fears about a big economic slowdown.

Technically, this is still a tiny bounce after a 45% drop since October. The November low of $49.41 is the next level to watch on my chart.