Oil Prices Jump on Inventory Data, Demand Outlook...

When will people learn not to believe a damn thing they see or hear from the MSM????? I kept telling you ALL that there was plenty of oil storage and nobody believed me.... You should ALWAYS be doing the opposite of what you hear on TV...

"Prices rise to highest of the year on signs production may be peaking and global demand is rising"

U.S. oil prices surged to their highest level of the year Wednesday on signs that the country’s production may be peaking.

U.S. oil production has now declined twice in three weeks, the first time that has happened in 2015, the U.S. Energy Information Administration said Wednesday. It is one of several recent signs that oil production may finally be slowing across the country, breaking up the breakneck pace of a historic boom that has flooded the U.S. market and cut prices nearly in half from last year’s peak.

Traders jumped on the news, sparking the biggest one-day rally for U.S. oil prices in two months. Prices around the world have now climbed steadily for about a month, flying in the face of top oil analysts who had predicted the opposite.

The rally gives a break to U.S. producers, who have had to slash budgets, shut in wells and lay off thousands of workers during the crash. And it has sent some investors recalibrating as oil starts making a comeback from 2014 when it was among the worst performing in a class of poor-performing assets.
Less than %50

[link to www.wsj.com]