Oil prices as measured by West Texas Intermediate (WTI) crude are higher by more than 5.6% at the time of writing as the Wall Street session move into the final hour of trade. Improved risk appetite set off an exodus of speculative short, providing support despite data showing an unexpected rise in US oil inventories. Earlier in the day, WTI crude futures rose $3.16, or 4.7%, to $70.36 a barrel, a 4.7% gain. WTI CFDs spot is back above $70 after rallying from a low of $66.42 to test bearish commitments at $70.50, an area of confluence in resistance as highlighted and earmarked for a correction in a prior analysis ... (full story)