EIA inventory showed U.S. oil inventories rose by 1.3 million barrels last week to 483.7 million barrels, far less than the 3.6 million-barrel increase consensus expected, sending crude above the key level of $55. Luke Rahbari of Stutland Volatility Group, tells TheStreet’s Jill Malandrino in addition to the data and geopolitics, the spike in crude is impressive because the U.S. dollar has not really moved that much. Seasonal summer driving demand will start to kick in and that will help provide a floor as well. Rahbari sees the next major level at $60, trading in a range between $52-$58. If global economic activity also continues to pick up, crude could see a move higher.
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