Oil Jumps to Two-Month High on US Stockpile Drop, China Stimulus
- China hints that more economic support measures could follow
- WTI rises above $77 a barrel in an algorithm-fueled rally
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Oil rose to the highest in about two months as US inventories, Chinese stimulus and an attack on a Russian refinery ignited a rush of trend-following algorithmic buying.
West Texas Intermediate climbed 3% to top $77 a barrel, breaking out of the narrow range it has been trading in for months. Commodity-trading algorithms helped extend the rally after WTI passed $76.20. The US benchmark’s next resistance level is its 200-day moving average, which is about 30 cents above today’s close.