WTI oil prices have been a bit of a losing streak. Worries over Yemen can only carry the rally, so far, especially in the face of record Saudi production and exports. Prices are rebounding this morning, modestly, as the market reacts to another drawdown in US oil inventories, according to API data, which showed a 5.2 million barrel drawdown last night. The EIA data will likely show a drawdown, as well, which will get the attention of bulls in the market who want their recent losses back. The geopolitical premium remains inflated, as there is plenty of upset in the Middle East.
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