Crude is on the defensive this morning following American Petroleum Institute (API) inventory numbers showing a rise of 4.8 million barrels against and expected rise of 1.7 million.
WTI has broken $50 a barrel and is attacking support at $49.00. Meanwhile Brent is approaching the psychological $50 a barrel itself.
They say talk is cheap and OPEC appears to be approaching the limits of its ability to jawbone oil higher without something concrete to put on the table.
EIA Crude Inventory figures will be closely watched tonight. A large jump in inventories will no doubt see crude pushed lower again.