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10 10 Oil held near the highest since November after OPEC+ leaders Saudi Arabia and Russia announced that they would extend supply curbs through the end of the year, tightening the global market. Ben Sharples reports on Bloomberg Television. (Bloomberg) — Oil prices dropped after a nine-session rally — driven by renewed production cuts from leaders of the OPEC+ alliance — propelled futures into overbought territory. Most Read from Bloomberg Apple’s 2-Day Slide Nears $200 Billion on China iPhone Curbs China Seeks to Broaden iPhone Ban to State Firms, Agencies India’s Moment Has Arrived, and Modi Wants a New Global Order Soaring US Dollar Raises Alarm as China, Japan Escalate FX Pushback Fed Set to Double Its Economic Growth Forecast After Strong US Data West Texas Intermediate fell below $87 a barrel after the longest stretch of gains since January 2019. That surge came as Saudi Arabia and Russia pledged to prolong their export curbs through the fourth quarter. Now, crude faces headwinds from wider markets, with the dollar on track for an eighth consecutive week of gains. WTI was also trading in overbought territory, based on its relative strength index, leaving traders braced for a technical correction. The […]
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