Oil Rises With Stronger Equities and Tighter U.S. Gasoline View
- Global benchmark futures climb back above $40 on Wednesday
- U.S. oil stockpiles rose last week; gasoline stocks fell: API
Photographer: Trevor Snapp/Bloomberg
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Oil jumped the most since June alongside a rally in broader equities markets, but pared some of those gains after an industry group reported a build in U.S. stockpiles.
Futures in New York surged 3.5% Wednesday, though still fell short of recouping all the losses from the previous session’s settle at a three-month low. Moving in tandem with stronger equities, Brent crude regained its technical footing, sharply rising above the 100-day moving average. The 14-day Relative Strength Index for futures in London and New York was below 30 on Tuesday for the first time since April, signaling the two benchmarks were oversold.