Oil climbs 6% from the lows
![](http://az705044.vo.msecnd.net/20190102/wti.png)
Oil started out the year to the downside on reports about slower Chinese manufacturing and lower Chinese import quotas but it's quickly reversed and is now trading up $1.30 to $46.70.
That's a one-week high for WTI but so far it's running into resistance at the Dec 26 high of $47.00. The peak today is $46.98.
The reversal in crude coincides with an improvement in risk sentiment across the board. US stocks have pared their losses and European shares are roughly flat.
Update: The rip is back on as oil rallies to $47.75.