Quotes from the news wire:
We have got an important week out of the way from a macro data perspective, and not only have we come out of it unscathed, we are seemingly in a stronger place than where we started the week, we have heard from central banks in all corners of the globe now and the liquidity party rolls on with the potential for more to come.
It looks at this stage as if it (oil) has formed a little bit of a bottom and perhaps we're going to see a sustained price in the $30s, maybe trending back up to $40 dollars at some point, the macro picture takes all corners of the globe into account, and those corners seem to be improving ... and that's where I'm seeing the oil price tick higher.
The U.S. crude inventory numbers have been climbing for the last 10 straight weeks, sitting at their highest levels in 80 years. So that's a further supply side concern on top of news coming out of Kuwait, there doesn't seem to be any sign of OPEC doing anything to turn the taps off so it makes it hard to predict a floor (for oil prices).