Oil Near Two-Year High; Relative Strength Index Signals Reversal

Oil traded near its highest level in two years in New York as the dollar headed for a weekly decline against most major counterparts after the Federal Reserve’s decision to purchase more debt to boost the U.S. economy.

Crude’s 6.6 percent rally this week, driven by the dollar’s decline, may be about to end, according to a technical indicator used by traders. The U.S. currency has fallen versus all but one of its 16 most-traded peers since the Fed said Nov. 3 it will buy about $75 billion of Treasuries every month through June.