After a week of consolidation, oil prices are on the rise again on Wednesday ahead of the release of inventory data from EIA. The API release yesterday may have surprised some, recording an increase of 1.586 million barrels, a lot more than the 0.7 million decline that’s expected today. But it won’t alter the view that the market is extremely tight following a number of supply cuts from OPEC+ countries. I think what we’ve seen over the last week or so is a little profit-taking and the fact it’s already on the march higher is potentially a sign of how bullish traders still are. How much higher can oil prices go? After ... (full story)