Oil Falls as Traders Bet on Decline After Climb to 8-Week High
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Oil dropped to near $81 a barrel as traders bet that crude’s rally to an eight-week high had left prices too expensive amid concern the U.S. economic recovery may be slowing.
Crude fell for the first time in four days before a report that may show manufacturing in the U.S., the world’s biggest oil-consuming nation, slowed in August. Prices also dropped as the dollar advanced against the euro, damping the investment appeal of commodities. Oil’s 14-day relative strength index rose to the highest level since April on Oct. 1, a sign that prices may have risen too far, too fast.