WTI crude is trading half a percentage point higher on Wednesday, continuing recent gains following a brief spell of consolidation. The Chinese data may not have been the catalyst for the recent gains in oil prices – taking Brent to fresh five month highs and WTI just shy – but it may well be helping to sustain them. We haven’t seen much of a corrective move since the rally on Tuesday which suggests there may be more to come. A surprise drawdown in inventories gave oil prices a nice boost just as people appeared to be starting to question the sustainability of the rally. This came after three consecutive weeks of ... (full story)