Oil Holds Climbs From One-Month Low on Dual Supply Outages
- WTI fell under Bollinger Band, signaling oversold to traders
- Price fell to an almost two-month low earlier in the session
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Oil settled higher after slipping to the lowest intraday since early December with technical indicators signaling the commodity was oversold.
West Texas Intermediate managed to achieve its first positive finish in four sessions. Rising crude inventories left the market vulnerable to a downshift in broader sentiment, briefly pushing oil prices below the lower Bollinger band. Crossing the bottom band is a technical signal that indicates an oversold threshold has been breached, prompting traders to throttle back selling.