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.
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