Massive crude oil stock draw helps case for greater Brent

The private survey of oil stocks is out, and its a monster draw:

• Oil: Private survey of inventory shows a much larger headline crude oil draw than expected

The official government data is due tomorrow morning out of the US.

Oil has been well supported:

Analysts at Standard Chartered have a US$90 target, and beyond, in sight:

• From a fundamental viewpoint, we still think the rally can be sustained well past USD 90/bbl given our projected Q3 and Q4 global oil balances

This article was written by Eamonn Sheridan at www.forexlive.com.