A U.S. Energy Information Administration report on Tuesday...

A U.S. Energy Information Administration report on Tuesday predicted global oil demand for 2016 would rise by the fastest rate in six years, suggesting the crude surplus that has pushed prices down about 50 percent since June last year is easing faster than expected.

For Wolfberg, crude oil's move past $47 on Tuesday could unlock the doors to further gains. "We've moved above that $47 level, which corresponds with the top-end of the downtrend that we've been in since June of last year," he said. "Looking ahead, the next level is going to be that $50-51 and that's the 200-day."

http://www.cnbc.com/2015/10/07/oil-rebounds-shrugging-of-us-stockpile-build.html

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