Oil futures rebounded Thursday as the combination of dollar weakness and equity strength helped prevent further declines. ICE Brent veered into technically oversold territory this week, according to a Bollinger Band analysis, while the last five sessions saw NYMEX ULSD and NYMEX RBOB both fall by roughly 11 cents/gal. Without fresh bearish news, it wasn’t surprising for oil futures to bounce higher. ICE August Brent rose $1.96 to $77.32/b. NYMEX July crude settled at $65.95/b, up $1.22. NYMEX product crack spreads against WTI strengthened. At the time of the market settle, the ULSD crack was $1.01 higher at $25.60/b, while the RBOB crack jumped 70 cents at $22.91/b. One supportive factor Thursday was broader financial markets. The Dow Jones Industrial Average was 65 points higher at 25,211 in the afternoon, while the US Dollar Index dipped 0.295 point to 93.365. The dollar index fell for the fourth straight day, […]