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This article was written by Evdokia Pitsillidou, Risk Management Associate at easyMarkets.
The two-and-a-half month surge in oil prices began to slow this week, as global growth woes and near-record production from OPEC increased skepticism about the sustainability of the latest rally.
There has been a slight pullback in the oil markets. US crude futures are down around 5% from their 2016 highs, as the market retreated from overbought levels. The technical indicators have also turned lower. Relative strength is below 50 and falling while the MACD shows declining momentum.