Oil erased earlier losses and rose as high as $77.64 before retracing by 40-cents.It's been a bounce-back week for oil as it trades at the best levels since late November. This week's US oil inventory report showed a counter-seasonal draw, though that was largely due to cold weather. A report today said OPEC wouldn't change production levels at next week's monitoring meeting ,which isn't a big surprise. However OPEC may see tightening global balances at the moment and feel a bit better about the picture. Moreover, signs of stimulus from China and strong US growth are tailwinds to consumption, particularly in aviation.Key for oil is a close above $76.18 today. Assuming that, eyes will be on w
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