Oil prices gave up early Monday losses to finish higher, recouping part of last week’s sharp losses. U.S. oil prices had broken down out of the 2023 trading range to reach multi-year lows last week, with “contagion fears stemming from the first bank failures since the Great Financial Crisis triggered massive volatility and significant risk-off money flows early last week,” said Tyler Richey, co-editor at Sevens Report Research. However, there is technical support for West Texas Intermediate crude dating back to 2021 between $62 and $66 a barrel and WTI is also “as oversold as it has been since COVID, on a daily time frame chart,” he said. April WTI crude CLJ23 rose 90 cents, or nearly 1.4%, to settle at $67.64 a barrel on the New York Mercantile Exchange.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.