Two-day drop followed by a two-day rally

Two-day drop followed by a two-day rally

Oil touched the highest since Sept 24 in the early hours of trading on Monday then took a nearly 6% nosedive, in part due to reports that Russia won't support an OPEC+ production cut in December.

However crude has now pulled off an impressive turnaround, starting with yesterday's EIA weekly inventory data. It's now up $1.08 today and has edged above the weekly high of $58.09.

What's especially impressive is that the rally is coming as risk appetite worsens and as the US dollar strengthens.