Oil Ekes Out Gain With Technical Gauges Flashing Strength Ahead
- WTI holds above $80 a barrel after swinging in a narrow range
- 25-day moving average on the verge of surpassing 50 DMA
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Oil edged higher in a volatile session as technical market indicators signaled to traders that higher prices may be around the corner.
West Texas Intermediate managed to hold above $80 a barrel on Wednesday after swinging through much of the session. Rising US crude inventories and so far lackluster corporate earnings kept gains in check while faith in China’s rebound prodded an overall advance.