.. oil is storming higher after initially sinking lower, with the June WTI contract rising as much as 3.9% to $20.55/bbl, erasing earlier losses, while Brent crude briefly rising above $27/bbl, more than $1.4 from session lows.
The catalyst for the sharp move higher appears to be a report that inventories at Cushing rose only 1.8MM bbl last week, which if confirmed, would represent the smallest increase since mid-March, and would indicate that the supply glut is starting to ease.