West Texas Intermediate rebounded from the lowest level in five months before a report that may show U.S. fuel supplies shrank. Price declines the past week are probably excessive, according to a technical indicator. Futures advanced as much as 0.7 percent in New York. Gasoline and distillate inventories fell last week in the U.S., the world’s biggest oil consumer, a Bloomberg News survey shows before data from the Energy Information Administration. Crude’s relative strength index is below 30 for a fourth day, signaling losses may not be sustainable. “The price is completely oversold, and people are sort of looking for the chance of a rebound within a few days,” Tetsu Emori , a senior fund manager at Astmax Asset Management Inc. in Tokyo , said by phone. “We’re heading into winter, so I think demand will be increasing. I’m not really pessimistic.” WTI for December delivery rose as much […]