Crude Rebounds in New York Trading
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Oil rebounded from the lowest level in almost four months in New York on speculation that the biggest decline this year was exaggerated.
West Texas Intermediate climbed as much as 1.4 percent, after its 14-day relative strength index plunged to 38.5 yesterday, a sign that prices may be oversold. Crude slumped 4.8 percent yesterday after U.S. stockpiles gained and fuel demand dropped, while President Barack Obama’s re-election stoked concern that the struggle to resolve deficit-reduction talks may harm the economy.