92 days ago • Posted by William Ramstein

Crude gains has put prices in technically overbought levels

Futures in New York rose for a fifth day toward $57 a barrel. OPEC+ has pledged to keep draining a virus-driven surplus as inventories from China to the U.S. shrink. Saudi Arabia defied expectations for a reduction and left oil prices unchanged for Asian customers in another sign of market strength. Crude is up almost 9% this week, aided by a rally in global stocks as corporate profits rebound and central banks remain supportive. Technical indicators suggest oil is due for a pullback, though. The 14-day relative strength indexes for both Brent and West Texas Intermediate futures are at overbought levels.- Bloomberg