WTI crude oil is at the highest in more than a month ahead of inventory data due tomorrow. Analysts expect it to the first drawdown on supplies in 11 weeks and it’s the catalyst for oil shorts to clear out after three months of declines.
December is also the start of a positive seasonal trend for crude that lasts through April.
Technically, the rise above the Nov 21 high along with the false break lower point to the potential for a larger retracement.
WTI crude