Oil Steadies Near $90 After OPEC+ Leaders Extend Supply Cuts

  • Oil settled at nine-month highs as investors digested a decision by OPEC+ leaders Saudi Arabia and Russia to extend supply curbs through the end of the year.
  • The global benchmark, Brent, settled above $90 on Thursday, the highest since November. Adding to bullish sentiment, Saudi Arabia lifted official selling prices for its flagship Arab Light crude to Asia to a 10-month high, a signal of its confidence in demand.
  • Still, crude is flashing warnings that it is overbought on a 14-day Relative Strength Index basis, raising the risk of a pullback.