Oil’s Rebound Above $60 Increases Focus on Technicals

A recent rebound in U.S. crude-oil prices back above the closely watched psychological level of $60 is increasing focus on gauges of market momentum, the latest swing in a topsy-turvy 2019 for energy markets.

West Texas Intermediate futures, the U.S. price gauge, closed above $60 for the first time in seven weeks Wednesday and edged down 0.4% to $60.20 on the New York Mercantile Exchange Thursday. Despite Thursday’s decline, oil has staged a powerful rebound after prices tumbled into a bear market of more than 20% below their April peaks in early June. Crude is still 9.2% off its April highs even with its recent surge.

Oil is still nearly 9% off its April highs even with its recent surge.

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