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Oil’s Blistering Rally Takes Breather as Investors Turn to Fed
Oil fell after a breakneck rally as wider markets held a cautious tone ahead of a Federal Reserve meeting, and crude’s metrics continued to signal that prices may have risen too far, too fast. West Texas Intermediate for November dropped toward $90 a barrel, after closing almost level on Tuesday. Its 14-day relative strength index has been above 70 since the start of this month, suggesting a pullback may be imminent. The October contract for the US crude benchmark expires later on Wednesday. Crude has roared higher this quarter, hitting a 10-month high, thanks to supply curbs from OPEC+ linchpins Saudi Arabia and ... (full story)