Oil has passed its first test of $80.
WTI trade as low as $80.88 earlier but reversed to settle near the highs of the day at $83.34. It was helped along by improving risk appetite, a softer US dollar and the threat of more sanctions on Iran.
oil daily
Private oil inventory is due after the US close with the consensus at a build of 1.8 million barrels of oil along with draws of 1.4m barrels of gasoline and 900k barrels of distillates. There is some late talk of a 4mbpd draw of crude so that could also explain some of the enthusiasm.