Crude Oil Inches Back Up Amid Dearth Of Negative Data Points
This is source I found from another site, main source you can find in last paragraph
The bad news bears took a deep breath on a day when there was no price-rattling data to agonize over and oil inched up as a result.
A day after fears over mounting U.S. fuel inventories sent future prices spiraling downward, they clawed back a portion of their descent, gaining 1.3% in New York. The increase, labeled a “bit of a relief rally” by Bob Yawger, a director at Mizuho Securities USA Inc., resulted as traders with outstanding wagers on a market drop closed out positions.
“In the absence of negative news, the bias for speculators is to try and further build their long position,” Rob Haworth, who helps oversee $150 billion in assets at U.S. Bank Wealth Management in Seattle, said by telephone.