Oil: WTI Bounces Violently on EIA Storage Report

Here's today's action via FinViz:

The down-then-up moves between 9 am and 10 am may have caused a few heart attacks.

$30.88 up $1.00 last. There's still a lot of oil out there and the trend is down despite that $31.49 top-tick print.
Next up, the almighty buck!

From Reuters via CNBC:

U.S. crude prices briefly turned negative after weekly data for U.S. crude inventories came in at double analysts' expectations. 

The Energy Information Administration reported U.S. commercial crude stockpiles rose by 7.8 million barrels to a total of 502.7 million barrels int he week through Jan. 29. 

Data released by the American Petroleum Institute on Tuesday showed U.S. crude stocks rose by 3.8 million barrels to 500.4 million in the week to Jan. 29. Gasoline stocks were also up, rising by 5.9 million barrels according to EIA. 

Brent for April delivery was up 45 cents to $33.17 a barrel by 10:43 a.m. ET, still above a session low of $32.30. U.S. crude futures was up 26 cents to $30.14....MORE

Here is the EIA's "Weekly Petroleum Status Report"