West Texas Crude Climbs Along With U.S. Stocks

(Bloomberg) -- Despite the severely oversold signal flashed by its GTI Global Strength Indicator -- a measure of upward and downward movements of successive closing prices -- West Texas Intermediate crude had continued to fall toward $42 a barrel. But on Wednesday, the U.S. oil benchmark was back to rising for the first time in four sessions amid a hint that OPEC and its partners could meet again to discuss output curbs, and as equities advanced. “Crude is finding a bit of relief after its aggressive move lower as stocks find a footing, but at this price deck even some of the best wells are struggling to be economic,” said Bloomberg Intelligence industry analyst Mark Rossano.

--With assistance from Kenneth Sexton.

To contact the reporter on this story: Nancy Moran in New York at nmoran@bloomberg.net

To contact the editors responsible for this story: Sophie Caronello at scaronello@bloomberg.net, Brandon Kochkodin

©2018 Bloomberg L.P.