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"Since share markets rebounded so quickly, they became technically overbought, so it's quite possible we go through a period of consolidation," said Shane Oliver, chief economist at AMP.

"Since share markets rebounded so quickly, they became technically overbought, so it's quite possible we go through a period of consolidation in markets," said Shane Oliver, chief economist at AMP.

"In that light, crude looks overbought. I expect it to continue sliding."

"We have seen some signals, at least in the near term, that the dollar is a bit overbought," said Rai, who still expects the dollar to remain strong.

"Brent struggled to hold onto gains made in the early part of the trading session. There is likely reluctance amongst participants to push too much higher right now with the market clearly in overbought territory," said ING Bank analysts in a client note.