Oil Gains as IEA Flags Accelerating Stockpile Drawdowns

Crude drifted higher on light news flow, with a weaker dollar and a fresh IEA report showing global oil stocks falling at twice the previously expected pace doing most of the work. There's also an unconfirmed rumor that Iran attempted to fire a surface to air missile at Trump while he was in Turkey, though Dan is clear that hasn't been confirmed. Bulls are watching for a settlement above $84.21 to confirm the next leg higher, but Dan also flags this as a reasonable spot to take profit for anyone long since the $75 region, especially with a hot CPI print this morning carrying the risk of renewed jawboning from the Trump administration to talk prices back down.A sunset over a fuel tanker by Sebastian via Pixabay