​WTI Holds Gains As Cushing ‘Tank Bottoms’ Loom After API Reported Draw – Tyler Durden

WTI Holds Gains As Cushing ‘Tank Bottoms’ Loom After API Reported Draw Oil prices closed higher today, with WTI rallying strongly up to test $72 (after falling to the lowest in more than three years last week as the Chinese economy showed more signs of slowing). “Speculation that China needs to go big on stimulus to support the economy have helped trigger buying from hedge funds, who last week held the most bearish view on oil in recorded history,” Saxo Bank noted. For now, The Fed’s rate decision and inventory data will define the short-term trend. API Crude +1.96MM (Exp.…  — Continue at ZeroHedge News : Read More