WTI Crude Oil Drops Amid Signs Rally to 14-Month High Excessive
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West Texas Intermediate declined for the first time in five days amid signs its rally to a 14-month peak were excessive.
Futures dropped as much as 1.1 percent. WTI’s 14-day relative strength index jumped to 72.3 on July 5, indicating crude’s biggest weekly advance since February may have been too steep. Oil rose to a 14-month intraday high earlier today as supporters of deposed Egyptian President Mohamed Mursi clashed with the military today outside a main security installation in violence that killed at least 40 people, fanning concerns that Middle Eastern supplies could be disrupted.