Oil Stages Relief Rally After Three Straight Weekly Declines
- WTI settles above $78 to start data-heavy week of trading
- OPEC says “overblown negative sentiment” dominates market
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Oil rose 1.4% after three weeks of declines set the stage for a relief rally.
West Texas Intermediate settled above $78 a barrel Monday, snapping a rout that saw oil plummet more than 13%. While a weakening demand outlook and rising US supplies continue to weigh on the market, technical signals suggest the recent sell-off was overdone. OPEC on Monday reiterated its view that global supply balances are tight and consumption healthy, supporting prices alongside a weaker dollar.