Brent Crude Futures Climb Above $100 a Barrel to One-Week High
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Brent crude futures rose to a one-week high above $100 a barrel on speculation last week’s drop was excessive.
Brent advanced as much as 1.2 percent after the contract’s 14-day relative strength index slipped to 31 on April 19, signaling prices had declined too rapidly. The Stoxx Europe 600 Index increased as much as 0.9 percent. Money managers reduced net-long positions, or wagers that West Texas Intermediate will rise, by 6.8 percent in the week ended April 16, according to the U.S. Commodity Futures Trading Commission. They trimmed holdings on Brent for the second week to the lowest since Dec. 18, data from ICE Futures Europe exchange show.