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Oil prices dropped after a nine-session rally — driven by renewed production cuts from leaders of the OPEC+ alliance — propelled futures into overbought territory.
West Texas Intermediate settled 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.
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