Oil perks up ahead of EIA Weekly Inventories

USOIL, H1                    

US Oil futures are up 0.6% at $49.45 after recovering from a two-session low at $48.92. Yesterday’s peak is at $49.77. The rise follows the weekly API report showing a 7.8 mln barrel draw in U.S. crude inventories, which was well up on the Reuters median forecast for a 2.3 mln barrel draw. Directional follow-through has been somewhat curtailed as investors monitor the geopolitical flare-up. Next stop on the upside on the H1 time frame is around $49.52 support is down around $49.10.

Weekly EIA Inventories are expected to show a draw-down of 2.6 million barrels of US crude oil. The data is released at 14:30 GMT.


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