Crude oil is dollar dazed and confused as it tries to determine whether it should focus on current oversupply, the dollar, or the prospect of better demand in Europe after we got more strong data out of Germany.
Global central bank easing is giving Brent a leg up on West Texas Intermediate. After crude oil prices shook off a rally in the dollar to stage a late day rally, the spread between Brent and WTI continued to widen.
Are we seeing signs that oil inventories might be topping out? Oil inventories have been rising at a record pace but yesterday we saw a withdrawal in the American Petroleum Institute (API) report which could be a sign that supply growth may be topping out.