WTI crude oil traded as low as $80.59 today but has since turned around and is now trading fractionally higher on the day at $81.82. The API private oil inventory numbers are due out later today and they often leak, so I wonder if this turn is related, especially since stocks and bonds certainly haven't turned.
There has also been plenty of optimism on the demand side. BP in its quarterly conference call said ".. and yet we probably will see well in excess or in excess of 2 mmb/d of demand growth in oil this year. And we expect that to continue into next year. Maybe not at the 2 mm, but certainly in excess of 1 mm".
This week's EIA data showed US demand at a record for the month of May.
In the product space, prices are moving up rapidly for diesel and that could reverberate back into the eurozone economy.
Aside from today's API and tomorrow's EIA data, the announcement to watch for this week is whether Saudi Arabia extends its voluntary oil cut of 500k bpd through September. There's talk they want to see $90 oil (Brent last at $85.40).