Oil prices are back on the rise this morning, despite weaker China GDP data, a resumption of some Libyan output, and a large reported increase of crude oil inventories by the API in last night’s report. Of course, we have been somewhat bearish, so we lead with the bearish elements that this market faces this morning. The market is rallying, however, taking out some key resistance, in the process, which makes us wrong. The rising tensions over Ukraine continue to inflate the security premium.
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