The oil price retrenched again last night following its recent pattern of volatility. As I write Brent is down 1.5% to $57.20. The proximate cause is no different to yesterday, fears of storage capacity running short in the US:
WSJ has more:
Data service Genscape Inc., which tracks storage levels in Cushing, Okla., reported to its clients Thursday that inventories in Cushing rose by 2.2 million barrels between March 6 and March 10, according to two market participants.