Oil surges with stronger equities and tighter US supply view
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.
