Oil slipped below $58 a barrel after the International Energy Agency cut its demand forecast for this year and as one technical indicator signaled a recent rally may be overdone.<\/p>\n
Futures in New York extended declines for a second session on Friday after surging more than 12% in the longest run of gains in two years. The IEA said the re-balancing of the global oil market remains fragile as the pandemic continues to limit travel and economic activity. While the recent rally pushed prices to the highest level in a year, it also sent crude\u2019s 14-day Relative Strength Index firmly into overbought territory.<\/p>\n
Oil is still set to eke out a second weekly gain, with the rebound from the depths of the Covid-19 outbreak accelerating this year after Saudi Arabia pledged to deepen output cuts. Prompt timespreads have firmed in a bullish backwardation structure, helping to unwind bloated stockpiles held in onshore tanks and offshore on ships that swelled during the pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil slipped below $58 a barrel after the International Energy Agency cut its demand forecast for this year and as one technical indicator signaled a recent rally may be overdone. Futures in New York extended declines for a second session on Friday after surging more than 12% in the longest run of gains in two years. The IEA said the re-balancing of the global oil market remains fragile as the pandemic continues to limit travel and economic activity. While the recent rally pushed prices to the highest level in a year, it also sent crude\u2019s 14-day Relative Strength Index firmly […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[139,130,187],"tags":[],"class_list":["post-400173","post","type-post","status-publish","format-standard","hentry","category-live-mint","category-newspapers","category-oil-gas-live-mint"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/400173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=400173"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/400173\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=400173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=400173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=400173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}