Technical indicators show that crude oil has fallen into an oversold territory. Oil prices are rebounding from a four-year low.

According to the Wisdom Finance APP, after a recent sharp decline in oil prices due to overselling in technical indicators, oil prices have rebounded from their lowest closing point in four years. Brent crude oil, after falling nearly 10% in the past six trading days, rose to around $61 per barrel, while WTI crude oil rose to around $58 per barrel. According to the Relative Strength Index on the 9th, both benchmark crude oils recently fell into oversold territory. As of the time of publication, Brent crude oil futures for July rose 1.2% to $60.93 per barrel, while WTI crude oil futures for June rose 1.3% to $57.85 per barrel.