(Bloomberg) — Oil clawed back some losses for a second session with technical support after OPEC+’s plan to return barrels to the market sparked a selloff at the start of the week.
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West Texas Intermediate futures climbed toward $75 a barrel after rising 1.1% on Wednesday, while Brent crude closed near $78. Both benchmarks have staged a partial recovery after tumbling into oversold territory on Tuesday on the 14-day relative strength index.
US crude inventories expanded by 1.23 million barrels last week, according to government data released Wednesday, although the gain was less than forecast by the American Petroleum Institute. Inventories at Cushing also rose.
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