Brent oil for July settlement gained 26 cents, or 0.3
percent, to $99.10 a barrel on the London-based ICE Futures
Europe exchange.
New York crude is set to rebound based on a technical
indicator that shows a decline of more than 20 percent fro
bear market conditions
Futures
Futures
“The inventory decline doesn’t change the overall outlook
much, but at least it’s headed in the right direction,”
The relative strength index, or RSI, has been below 30
since May 11, signaling that oil is poised to climb, said
Richard Ross, a technical analyst at brokerage Auerbach Grayson
& Co. in New York. The 14-day RSI, which identifies possible
turning points in markets, dropped to 16.3 on June 1, the lowest
level since February 1986.