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(Bloomberg) — Oil steadied near its highs of the year after rallying about 10% in recent weeks, with technical indicators that suggest its gains may be overdone sapping the benefit of risk-on sentiment in broader markets. Most Read from Bloomberg Trudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From Modi The Mighty American Consumer Is About to Hit a Wall, Investors Say Meloni Tells China That Italy Plans to Exit Belt and Road India’s G-20 Win Shows US Learning How to Counter China Rise Tesla and China Risk Leaving Volkswagen on a Road to Nowhere West Texas Intermediate traded near $88 a barrel after a 2.3% advance last week. Oil has surged by almost $20 a barrel since mid-June on supply curbs from Saudi Arabia and Russia, which have now been extended through the end of the year. Traders are bracing for a potential pullback as technical gauges, including the relative strength index, show futures remain near overbought territory after a renewed surge over the past two and a half weeks. Diesel futures in Europe also extended their strong run, pushing past $1,000 a ton for the first time since January. Russia is planning large cuts […]
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