The market remains glommed onto Saudi comments from a few days ago, choosing to ignore the real bearish fundamentals which are getting worse. This morning's USD weakness sparked some oil momentum... but once the USD started to bounce higher so oil ignored it and melted up...

Oil is ignoring the usd now that the usd is rising again...

As Oil surges above $46.50 ahead of tonight's API data... despite Russia denial of talks, and Nigeria and Iran saying "no deal"

As Bloomberg notes, Saudi energy minister’s recent comments regarding possible action to stabilize market helped to push price “a little higher, but the reality of what they promise is a bit more unconvincing,” Harry Tchilinguirian, head of commodities strategy at BNP Paribas, says by phone,

“Oil inventories remain just as high, the U.S. active rig count continues to rise. It’s quite interesting that the market chooses to ignore these more bearish fundamental developments to latch on to the potential promise of producer cooperation”