WTI crude now up $1.50
Crude and the Canadian dollar are at the best levels of the day after a 5.2 million barrel drawdown in US inventories. That was bigger than the 2 million barrel draw expected and in-line with API numbers reported yesterday.
The rally initially stalled near $47, which was the high on Monday but a break above had led to another 35-cents to the upside. $47.01 was also the March low and was acting as resistance.
The next hurdle for oil is last Thursday's high of $47.57. It was then that crude started on a two-day nearly $4 plunge that culminated in a minor flash crash below $44.
