Well it could be that traders have a $34 billion bet that crude will rise. Full story here, http://www.fuelsnews.com/cftc-reports-bullish-bets/.
From the chart below we can see that this is a historical record, with 75% of traders “betting” that crude goes up.
This is all despite record production and inventories. So bit of a lesson for folks that think supply and demand fundamentals are driving this market. Fundamentals still do drive the market long term, but as Keynes reminded us, “The Market Can Remain Irrational Longer Than You Can Remain Solvent.”