Oil Up Strongly This Morning On Inventory Draw Down

As of 11:20 a.m. New York time U.S. benchmark West Texas Intermediate was up 2.01% to $64.82 a barrel. International benchmark Brent was up 2.33% to $68.99 a barrel.

The Energy Select Sector SPDR (XLE) is up 2.39% this morning. Since plunging in the late January/early February sell off, the energy sector has struggled to regain ground. At $68.44 today the ETF has just pushed above the 200-day moving average at $67.95.  The 50-day moving average is at $70.83.

U.S. oil shale producers are up even more strongly than the sector this morning with Pioneer Natural Resources (PXD) ahead 2.96%, Diamondback Energy higher by 4.44%, and RSP Permian (RSPP) gaining 3.52%.