WTI oil prices rebound today following declines from Friday and Monday taking advantage of improved market sentiment.
That creates an interesting market pattern as prices are locked in a triangle. A triangle is - in theory, a continuation pattern which would see a further rally as likely. Since there is very little room within that formation, a larger move might be about the corner.
Bulls might use their time now as the data from US - the API report and the government report, has been moved to Wednesday and Thursday respectively (because of the holiday on Monday).
Oil inventories declined somewhat as of late but mostly because of seasonality. They are still extremely high from historical perspective.