Oil prices have rollercoastered back into the green (back bear one-month highs) this morning after weakness overnight (which could have been driven by reports out of China's Xi'an province of COVID-based driving bans). “Crude oil trades near a one-month high after API’s weekly stock report,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. The market is “currently betting the omicron virus, despite a global surge, will not derail robust global demand.” So the bullare hoping the official data backs API, and Biden is hoping it doesn't. API • Crude -3.09mm (-3.233mm exp) • Cushing +1.594mm • Gasoline ... (full story)