Oil is still at Elevated Levels

Despite yesterday's pop, 2%, on short covering and news that TransCanada would be commissioning the southern portion of the Keystone pipeline this month (700k bbl/day Cushing>Gulf Coast), oil is trading "heavy", supply weighing on the market.
From the Bonddad blog:

(click to enlarge)

For the last several months, oil has been trading between the 102/104 and 108 level.  Over the last few trading sessions prices have moved below the 102 level, trending to just above 101.  However, prices rebounded strongly yesterday on solid volume....MORE

WTI $103.91 last off a few cents from yesterday's $104.10 settle.
The effect of the pipeline opening will be more product coming out of the Gulf refineries and competeing with Brent, evidenced yesterday by the Brent-WTI spread coming in by 81 cents.
There is some support at $103.50 then $103 and at $101.50 where yesterday's move started.