Crude Oil Rises on Signs That Prices Have Declined Too Far

Crude oil rose, after falling more than $10 from April’s record, on speculation that prices have declined more than is justified.

“We are now overdue for a corrective rally,” said Michael Fitzpatrick, vice president of energy risk management at Fimat USA in New York. “With a long holiday weekend occurring, this might just be an opportune moment for a rally to occur, unless there is a surprise contained in Wednesday’s inventory reports.”
Bloomberg