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Oil Dips Below $52 With Dollar Rising as Rally Takes Breather

January 11, 2021

Oil fell as the dollar strengthened, with the steam coming out of a rally that pushed crude to the highest level in 10 months.

Futures in New York lost 1% Jan. 11 as the dollar’s gains reduced the appeal of raw materials such as oil that are priced in the currency. Both West Texas Intermediate and Brent crude are trading in overbought territory, according to the 14-day relative strength index, signaling prices are due for a correction.

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