Oil steadied near its highs of the year after rallying about 10 per cent in recent weeks, with technical indicators that suggest its gains may be overdone sapping the benefit of risk-on sentiment in broader markets.
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Oil prices ease from 10-month highs but hold above $90 a barrelBrent crude fell by 40 cents to $90.25 a barrel by 0848 GMT, while U.S. West Texas Intermediate crude lost 65 cents to $86.86
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Oil prices ease from 10-month highs but hold above $90 a barrelMarket News
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'Nothing worse than higher oil prices' as Fed fights inflationThe Fed's fight against inflation is trickier if oil prices stay elevated, say economists.
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Oil Dips After Technicals Signal Rally May Have Run Too HotOil declined after rallying almost 10% over the past two weeks, with technical indicators suggesting recent gains may have been overdone.
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Oil prices ease but supply cuts keep Brent above $90/bblOil prices eased in early Asian trade on Monday as economic concerns in China weighed on fuel demand outlook although Brent stayed perched above $90 a barrel, supported by tightening supplies after Saudi Arabia and Russia extended supply cuts. Brent crude fell 49 cents, or 0.5%, to $90.16 a barrel by 0022 GMT while U.S. West Texas Intermediate crude was at $86.77 a barrel, down 74 cents, or 0.9%. Both contracts gained in the past two consecutive weeks with Brent settling at its highest since November on Friday, after Saudi Arabia and Russia announced last week they will extend voluntary supply cuts of a combined 1.3 million barrels per day until the end of the year.
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Oil Dips After Technicals Signal Rally May Have Run Too Hot(Bloomberg) -- Oil declined after rallying almost 10% over the past two weeks, with technical indicators suggesting recent gains may have been overdone.Most Read from BloombergTrudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From ModiIndia’s G-20 Win Shows US Learning How to Counter China RiseMeloni Tells China That Italy Plans to Exit Belt and RoadBoss of Failed Crypto Exchange Gets 11,000-Year SentenceBiden Doubts China Able to Invade Taiwan Amid Economic WoesWest Texas I
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