Oil futures tick higher Tuesday as the U.S. dollar loses ground, while traders track surging COVID-19 cases in China
Oil futures ticked higher Tuesday, with support tied to a weakening U.S. dollar, though a continued surge in COVID-19 cases was seen putting a lid on the upside.
Natural-gas futures, meanwhile, extended a drop after plunging in Monday’s session as U.S. weather forecasts moderated. “The U.S. government had already announced in October that the purchases would happen once the WTI price was in or below a corridor of $67-72 per barrel. Though the front-month WTI forward contract is somewhat above this level just now, forward contracts with a maturity date in a year’s time or later are already within or even below this range,” said Carsten Fritsch, commodity analyst at Commerzbank, in a note.
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