NEW YORK, Aug 15 (Reuters) - Oil prices hit five-week highs on Monday, gaining 10 percent or more in a three-day rally as speculation intensified over potential producer action to support prices amid a crude glut.

Data from market intelligence firm Genscape estimating a draw of more than 350,000 barrels at the Cushing, Oklahoma delivery point for U.S. crude futures last week added to the bullish sentiment, said traders who saw the data.

Separately, a Reuters poll indicated total U.S. crude inventories may have fallen too last week.

http://www.downstreamtoday.com/news/article.aspx?a_id=53165

Same old same old.

 

Prices rise on promises that production will be slashed.

 

No country slashes production.

 

Inventories remain high.

 

Futures drop.

 

Repeat cycle.