Oil prices got hit with a  case of the coronavirus blues but may get a boost from the promise made to Maria Bartiromo of a middle-class tax cut.
Oil prices are giving back their MLK Day gains because of the disruptions that caused the spike. The impact on oil supply is believed to be transient. A politically motivated shutdown in Libya and a strike by security guards in Iraq could be solved very quickly.
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.