may production data, page-30

Further to MAD's ever more game changing Announcement we have the " Perfect Storm " from today's Inventory Report via Bllomberg :

Oil Rises On Forecast That U.S. Crude Supplies Fell A Thi
By Mark Shenk - Jul 11, 2012 10:39 PM GMT+0800

Oil pared a gain after the U.S. Energy Department announced crude oil inventories declined more than expected and gasoline and distillate inventories rose more than expected.
Crude inventories fell 4.7 million barrels to 378.2 million, more than three times the decline forecast in a Bloomberg survey of analysts, the department said. Gasoline stockpiles rose 2.75 million barrels to 207.7 million. Distillates gained 3.11 million barrels to 120.9 million.
Oil for August delivery rose $1.26, or 1.5 percent, to $85.17 a barrel at 10:38 a.m. on the New York Mercantile Exchange. Oil traded at $85.45 before the release of the report at 10:30 a.m.
Futures also rose as the euro climbed from a two-year low against the dollar. A stronger euro and weaker U.S. currency bolster the appeal of dollar-denominated raw materials as an investment alternative.
China’s passenger-vehicle sales rose in June, exceeding analysts’ estimates for a fourth consecutive month after automakers increased shipments ahead of scheduled shutdowns for the summer. China is the world’s second-biggest crude-consuming country after the U.S.
Wholesale deliveries of passenger vehicles rose 16 percent to 1.28 million units last month, the China Association of Automobile Manufacturers said in a statement today. That compares with the 1.27 million-unit average estimate of 14 analysts surveyed by Bloomberg.
Oil in New York has technical support along the middle Bollinger Band on the daily chart, around $83.40 a barrel today, according to data compiled by Bloomberg. Futures rebounded yesterday after trading near that indicator. Buy orders tend to be clustered close to chart-support levels.