Oil up four percent in technical rally after two-month lows
REUTERS 8:43 PM ET 7/11/2016
By Barani Krishnan
NEW YORK (Reuters) - Oil prices surged as much as 4 percent on Tuesday in a technical correction and on short covering after a two-month lows hit in the previous session, traders said.
Anticipation that data later on Tuesday would show an eighth straight week of declines in U.S. crude stockpiles also boosted the market.
Brent crude futures were up $1.95, or 4.2 percent, at $48.20 per barrel by 12:09 p.m. EDT (1609 GMT).
U.S. crude's West Texas Intermediate futures rose $1.77, or 4 percent, to $46.53.
Brent and WTI had been up about 2 percent in early New York trading, riding on a weaker dollar and rally in global equity markets.
"The sharper move up caught everyone by surprise as there's probably short covering adding on to the technical buyback," said a crude futures broker.
(Additional reporting by Dmitry Zhdannikov, Ahmad Ghaddar and Christopher Johnson in LONDON and Henning Gloystein in SINGAPORE; Editing by Marguerita Choy)
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