Oil edges away from US$90 after OPEC+ leaders extend supply cuts

​Brent oil retreated from US$90 a barrel as traders digested a decision by OPEC+ leaders Saudi Arabia and Russia to extend supply curbs through the end of the year.

The global benchmark fell 0.8 per cent on Wednesday, having closed at the highest since November a day earlier. Risky assets were generally on the back foot after weak German economic data.

The strategy from Riyadh and Moscow aims to drain inventories further, while driving the market's underlying timespreads deeper into backwardation, a bullish pricing pattern. Still, in the near term, crude is flashing warnings that it is overbought on 14-day Relative Strength Index basis, raising the risk of a pullback.