Oil Futures Gain on Technical Correction, US Inventory Decline

Oil rose after a technical gauge signaled recent declines were overdone, while a US government report showing a drop in domestic crude inventories helped ease oversupply concerns.

West Texas Intermediate futures rose about 2.2% to settle above $58 a barrel, signaling a corrective phase following a roughly week-long stint in oversold territory on the relative-strength index. Brent futures rose 2.1% to settle below $63.