Oil Rebounds After Biggest Decline Since September Spurs Buying
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Oil advanced from a five-week low in New York as investors speculated that yesterday’s drop, the biggest since September, was exaggerated.
West Texas Intermediate futures gained as much as 0.9 percent today after falling yesterday and nearing the 50-day moving average of about $94.24 a barrel, according to data compiled by Bloomberg. Buy orders tend to be clustered near chart-support levels. Oil fell after OPEC raised its output ceiling and Europe’s debt crisis worsened, threatening a recession that may curb demand for commodities.