Commodities
Oil Rises as Technicals Provide Support and Natural Gas Rallies
- Natural gas futures rallied by the most in over a decade
- Crude futures have been rangebound since mid-October
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Oil settled near $71, the highest close in two weeks, supported by technicals and higher natural gas prices.
West Texas Intermediate crude held above its 100-day moving average, a key technical level that spurred more buying. Algorithmic traders on Monday flipped to a net-long position in Brent crude after being short since mid-October, according to data from Bridgeton Research Group.