Oil’s Biggest Rally of the Year Stalls on Demand Concerns
- WTI below $81 a barrel after trading overbought for three days
- Crude inventories fell 3.7 million barrels last week: EIA
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Oil’s biggest rally this year paused as US stockpile draws failed to quell concerns about demand in an uncertain economy.
West Texas Intermediate stuck close to $80 a barrel, trading in overbought territory for a third day on the nine-day relative strength index. Brent edged higher at the end of the session after Saudi Arabia hiked its official selling price for oil to Asian customers for the third month in a row, which is considered a vote of confidence in demand.