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Oil up 1 percent as support emerges before 11-year low

December 15, 2015 by · Leave a Comment 

Brent and U.S. crude's West Texas Intermediate (WTI) futures rose for a second straight day on short covering, after being unable to break below a seven-year trough. “We are seeing nothing unusual about this week's price bounce given the fact that the entire complex had become much oversold based on virtually all of our technical indicators,” Jim Ritterbusch of Chicago-based oil consultancy Ritterbusch & Associates said in a note. “Focus…

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Oil up 1 percent as support emerges before 11-year low