NEW YORK—Traders who have steadily boosted crude since the month began took a deep breath Tuesday, with prices dropping on concerns of an overbought market and rising shale production. On Monday, prices jumped 3.1 per cent, breaching $57 (U.S.) a barrel as arrests of senior officials in Saudi Arabia raised questions about instability there. “There’s no doubt that we got a little bit overbought,” Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago, said by telephone. Prices had climbed $1.71, or 3.1 per cent, to $57.35 on Monday, the highest close since June 2015. The Bloomberg Dollar Spot Index, a gauge of the U.S. dollar against 10 major peers, rose as much as 0.4 per cent.

Source: thestar November 07, 2017 17:48 UTC