Commodities
Oil Ticks Higher Amid Technical Support, Drop in Stockpiles
- WTI’s 100-day moving average provides floor for losses
- Biden administration sets price ceiling for refilling reserves
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Oil edged higher as key technical levels provided a floor for losses while investors digested a mixed US inventories report.
West Texas Intermediate rose 0.3% to settle above $79 a barrel after a monthlong slide that brought prices to the lowest since mid-March. The 100-day moving average stemmed crude’s losses, while the nine-day relative strength index indicated the selloff was overdone. Bolstering the technical rally was a report showed US stockpiles drew down by 1.36 million barrels last week.