Oil Rebounds From January Low as Technicals Hint Slump Overdone
- WTI futures advance 1.5% to settle above $73 a barrel
- Recent slump comes despite decline in US crude inventories
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Oil rallied after technical measures signaled its recent slump — driven by concerns about a US economic slowdown and a weak 2025 outlook — was overdone.
West Texas Intermediate rebounded 1.5% to settle above $73 a barrel after a four-day slump that brought futures close to oversold territory on the relative strength index. Earlier in the session, equities rallied after the latest jobless claims data showed the labor market is cooling gradually instead of rapidly slowing. Equities have since pulled back.