According to Bloomberg, the US Department of Energy is looking to pose mandatory strategic petroleum reserve sales.

The administration has said that they would look to replenish readers near the $70 level. On Monday, the price moved to a low of $73.59 and lo and behold buyers emerged and pushed price sharply back to the upside. If you state a floor, guess what? Traders will use that floor as level to lean against on dips.

The crude oil price high today reached $83.32. That represented a 12.65% gain from the Monday low. The current price is trading at $82. That is back below swing highs going back to November 18 and November 22 between $82.35 and $82.66. That area will be eyed as a barometer for more bullish or bearish going forward.

Crude oil
Crude oil and off the highs