Oil steadied near its highs of the year after rallying about 10% in recent weeks, with technical indicators that suggest its gains may be overdone sapping the benefit of risk-on sentiment in broader markets.
Oil steadied near $71 a barrel after four weeks of losses, though the US debt-ceiling negotiations injected a risk-off sentiment in broader markets that's restraining crude's relief rally.
Oil inched higher as Saudi Arabia's go-it-alone production cuts were offset by broader risk-off sentiment and traders waiting to see if cuts will materialize.