Oil falls from four-year highs; Saudi, Russia agree to up supply | Reuters:
Oil prices fell on Thursday as the prospect of increased crude production from Saudi Arabia and Russia prompted profit-taking the day after futures hit four-year highs on a boost from imminent U.S. sanctions on OPEC’s No. 3 producer Iran.
Price charts showed crude futures at technically overbought levels. The relative strength index (RSI) for both Brent and U.S. crude rose this week to above 70, a level often regarded as signaling a market that has risen too far.
“The market was a bit over-extended on a short-term basis,” said Brian LaRose, senior technical analyst at ICAP-TA.
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