Oil dips after blistering climb with Fed and technicals in focus

Oil fell as the market's breakneck rally that pushed prices to US$95 a barrel on Tuesday took a breather.

Brent crude fell about one per cent to near US$93 a barrel. Crude has been flashing overbought on a technical basis for several days, suggesting the climb to a 10-month high may have been overdone. 

Crude has roared higher thanks to supply curbs from OPEC+ linchpins Saudi Arabia and Russia, as well as brighter outlooks in the two biggest economies, the U.S. and China. While the upswing has reignited talk of a return to US$100 oil, that may be a headache for central bankers, including those at the Fed who decide policy later Wednesday.