22 June 2016 at 13:40 GMT
Commodity focus now turning to the weekly inventory report from the EIA at 14:30 GMT. Crude oil has, just like other assets, recovered since last Thursday. The Brexit relief rally was initially driven by short-covering from funds. During the first two weeks of June they increased the gross short futures position by 43k lots. This was the biggest two-week increase since January when the market went into a free fall. Yesterday the API said that inventories fell by 5.2M barrels last week and this combined with the weaker dollar have provided the additional support which has seen CLQ6 return back above $50 today.
Surveys indicate that inventories dropped between 1.3 and 1.6M bbls last week. Other data to look out for will be production, refinery activity together with gasoline inventories and demand.