Crude oil prices rose sharply yesterday, climbing over 6.00% to close the day near the highs of $49.00 following a rapid rally in prices and breakout from a recent consolidation. The gains in oil benchmarks comes on the heels of prolonged sideways price action which saw prices trading within the highs and lows of $48.00 and $44.11 respectively. Investors should conceivably expect to see a pullback in prices with a decline back to the range high of $48 to establish the support ahead of further gains not an unreasonable possibility. While API reported a drawdown of -1.200 million barrels yesterday, the EIA weekly crude oil inventories report due later this evening is forecast to show US commercial stockpiles storage having posted a an increase of 2.200 million barrels. The gains in oil prices saw commodity currencies such as the Canadian Dollar and Norwegian Krone post solid gains.