Oil fell in Asia-Pacific trading after API reported higher-than-anticipated inventories. In the past four hours through, there's been a steady bid and it's now trading at the best levels of the day at $106.38.
The incredible resilience of oil came undone in the past week in a swift fall to $102 from $123. There was no single catalyst but oil market watchers focused on worries about a global growth slowdown.
Technically, yesterday's bounce high of $107.34 is the level to watch.
Here's a wonderful note from RBC late yesterday highlighting the bull case in the physical market.
