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(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 Bloomberg Trudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From Modi India’s G-20 Win Shows US Learning How to Counter China Rise Meloni Tells China That Italy Plans to Exit Belt and Road Biden Doubts China Able to Invade Taiwan Amid Economic Woes The Mighty American Consumer Is About to Hit a Wall, Investors Say West Texas Intermediate fell to about $87 a barrel after a 2.3% advance last week. Technical gauges including the relative strength index suggest futures remain overbought. Oil has surged by almost $20 a barrel since mid-June on production cuts from Saudi Arabia and Russia, which have now been extended through the end of the year. Despite Monday’s retracement, there’s still signs of oil market bullishness. Money managers hold the biggest net-long position in WTI for 15 months, while they also added to bets for Brent gains last week. That came as OPEC+ leaders Saudi Arabia and Russia pledged to extend supply curtailments. “Producers are keeping it tight in the tug of war over energy prices,” […]
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