West Texas Intermediate crude rebounded from the lowest closing price in six weeks as the dollar weakened against the euro before a meeting of the European Central Bank today. Futures rose as much as 0.6 percent in New York , after sinking 1.4 percent yesterday as data from the Energy Information Administration showed U.S. gasoline and distillate stockpiles increased more than forecast. The euro strengthened from near a five-week low against the dollar on speculation the ECB will refrain from increasing stimulus. A technical gauge indicated oil’s recent losses may have been excessive. “There’s quite a good correlation between oil and the euro-dollar at the moment,” said Gerrit Zambo, an oil trader at Bayerische Landesbank in Munich. “The macro situation has a good chance of stabilizing here on a more healthy level, but that means underscoring stability, and not potential for big increases” in the oil price. WTI for […]