Oil’s rally raced forward alongside broader equities markets, boosted by expectations that U.S. crude stockpiles will decline.
Futures in New York surged more than 4%, after settling yesterday at the lowest level since June, moving in tandem with stronger equities on Wednesday. Brent 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.
