Oil Gains a Third Day on Demand Outlook as Supplies Drop - Bloomberg - 2 views
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Nayana Devadas on 07 Jun 12demand- micro
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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.
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New York crude is set to rebound based on a technical indicator that shows a decline of more than 20 percent fro
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“The inventory decline doesn’t change the overall outlook much, but at least it’s headed in the right direction,”
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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.