Oil retreats from 8-month high after inventory report
WTI crude oil is lower on the day at $54.21 after rising as high as $55.22 earlier in the day. Oil had rallies in Asia on signs tighter inventories after data from API showed large drawdowns in US oil and gasoline supplies.
However when official data was released earlier today, the numbers weren't nearly as tight. That led to the retreat from the best levels of the day.
The selling accelerated on technicals, with the earlier high matching the Jan 3 high of $55.24. The failure at that level was a signal that the uptrend in crude is out of gas, at least for the moment.
