Crude Oil Rebounds and Moves Higher

The price of crude oil has rebounded today following a temporary sell-off at the time that EIA inventory data was released earlier this morning by the US Government. Prices are now even higher than before the report was released. It appears that OPEC's assurances of stiff production cuts are beginning to have some bite, and prices may now be forming a firm bottom. Just as with stock index futures, bearish crude oil news today is being met with higher prices. This is very bullish!