WTI crude oil futures are settling up $2.39 or 2.71% at $90.50. The high price reached $91.45. The low price was at $87.35. The prices up for the 2nd days in a row.

Yesterday, the weekly inventory report showed a greater than expected drawdown . UBS said today that oil could reach $125 as result of too tight supply.

Looking at the 4 hour chart, the pair is approaching a topside trend line near $91.63. The 38.2% retracement of the move down from the July 29 high cuts across at $91.87 finally the 100 bar moving average of the 4 hour chart is at $91.98. Getting above those levels is required to increase the bullish bias.

Crude oil
Crude oil on the 4 hour chart