One analyst says both crude contracts look overbought based on a widely followed technical indicator
London — Oil hit a multiyear high on Wednesday above $83 a barrel, supported by a refusal by Opec+ to ramp up production more rapidly against a backdrop of concern about tight energy supply globally.
On Monday, the oil cartel and allies chose to stay with a plan to increase output gradually and not boost it further as the US and other consumer nations have been urging. “An energy crisis is unfolding with winter in the northern hemisphere still to begin, and sets the stage for even higher oil prices,” said Stephen Brennock of oil broker PVM.
Jeffrey Halley, analyst at brokerage Oanda, said both crude contracts looked overbought based on a widely followed technical indicator, the relative strength index.
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