The weekly EIA oil inventory data showed a large fall in crude oil stocks. The crude oil inventories fell by -7.167 billion barrels compared to estimates of -1.272 million barrels. Gasoline stocks were unchanged versus 8-0.1715 million estimate. Distillates showed a build of 1.062 million versus estimates of 0.146 million.The EIA data runs counter to the private survey estimates of a build of crude oil stocks of 3.3 million.Crude oil prices have surged as escalating tensions in the Middle East fuel concerns over potential supply disruptions. President Trump has vowed to "hit Iran hard," adding to geopolitical risk and helping drive WTI crude to $85.20, up nearly $6.00 on the day, or about 7.4%.The rally comes just one day after prices fell to $77.88, where buyers emerged at a key swing support level dating back to July 17. That support has now sparked a sharp reversal higher.From a technical perspective, the price is now trading between two key moving averages: the 200-hour moving average at $84.50 and the 100-hour moving average at $85.46. This creates an important near-term decision zone.If sellers defend the 100-hour moving average, the price could rotate back toward support near $83.42. However, a decisive break above the 100-hour moving average would strengthen the bullish outlook and open the door for a move toward $88.00, with the 100-day moving average at $90.08 becoming the next major upside target (see chart below). This article was written by Greg Michalowski at investinglive.com.