West Texas Intermediate crude gained the most in almost six months as the number of Americans filing applications for unemployment benefits slipped and the European Central Bank reduced interest rates to a record low.
So for oil, remember you can't fight the Fed or even the ECB and you can't outlast the guys who can print the cash. But really from a technical standpoint, the oil market was probably ready to bottom anyway.
Oh sure oil had a lot of reasons to break yesterday! China’s Wen Jiabao putting their breaks on the Chinese red hot housing market, OPEC raising production to aria and of course the rising fear that the Fed is getting closer to taking the punch bowel away
With geopolitics less of an issue or price driver than it was the last few weeks the main oil price drivers are likely to be any and all macroeconomic data on the global economy with oil fundamentals equally important.