Oil prices are trying to overcome major historic product build based on optimism that the U.S.-China Trade Phase One deal will be another key turning point in the U.S. energy export revolution.
There was only a muted price response to the crude oil stocks draw and prices traded in a relatively narrow range for the day.
The oil market is trying to find support along with the lower Bollinger bands and is not getting help from supply data from the American Petroleum Institute(API).
Oil prices are declaring, "no risk to supply" after President Trump's actions against Iran caused them to stand down in their quest to attack oil supplies. Already we see risk premium fall and tanker rates start to drop.
Still, oil seems to be holding key support. U.S.-China trade progress, as well as ongoing OPEC plus cuts, should keep oil in an upward trend. 
The crude oil market is still working off risk premium as it appears that President Trump's strong, decisive action against Iran and Iran's face-saving response is working and making the world is a safer place.
Oil and products had the risk premium sucked out after President Trump suggested that Iran will “stand down” after Iranian ballistic missiles struck Iraqi military bases that house U.S. military personnel.
The crude oil stocks build reported by the EIA was mildly bearish to price. But it was the news of the Iranian missile attack that really impacted prices.
Oil and gold went on a risk on/risk off the ride after Iran struck back at U.S. military bases. The initial reaction to the event, or as Iran called it “Operation Martyr General Soleimani”, was a fear-driven rally in gold and petroleum and a sharp down move in stocks. Fears that this attack could lead to the all-out war between Iran and the U.S. caused many to run for cover.
Oil prices are pulling back as they await what Iran says will be a swift response to the killing of Gen. Qassem Soleimani.  The supreme leader of Iran, Ayatollah Ali Khamenei, cried at the funeral of slain Gen. Qassem Soleimani.