WTI has rallied above $89 per barrel and Brent looks poised to take out $110. Prices are being supported a reported draw in US crude oil inventories by the API last night, as year-end destocking takes place for tax reasons. It appears that all fracking in the world can’t offset the immovable object that is the tax code. Prices are rallying, as well, on the progress being made in Washington and a reported rise in German business confidence overnight.
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