Crude oil has been trading in a range between $75 and $90 since August. The market bounced off support at $75 this week and it has rallied sharply. The surge was due to an unexpected drop in oil inventories in the weekly report from the EIA. Crude oil also got support from a stronger stock market. The range bound pattern is very similar to the price action in the equity markets over the last couple months. Many traders are expecting some fireworks soon.
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