Oil prices caught the relief rally that was due to progress on Capitol Hill. The rally was significant, and it once again produced a rejection of the recent sell-off. For third time in several sessions the $101 support level held. This occurred despite the previous day’s inventory report, which was solidly bearish. There were some pipeline issues reported, again, that prompted part of the sell-off, which was once again reversed on word that the issue was resolved. There was a bizarre moment, as well. We had another false twitter spike:
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