Oil Rises From Eight-Week Low as China’s Demand Prompts Buying
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Oil rebounded from an eight-week low in New York as forecasts of rising Chinese demand this year spurred bets that crude’s slump was exaggerated.
Futures climbed as much as 0.9 percent after oil’s 14-day relative strength index, a technical indicator used by traders, slipped to the weakest in five months, signaling prices may rally. China’s crude-processing volume may rise 7.5 percent this year, the China Petroleum and Chemical Industry Association said. The Energy Department may say U.S. stockpiles increased in its weekly inventory report today.