Oil steadied after the biggest gain in more than five weeks as the dollar weakened and a risk-on tone swept across wider markets.
West Texas Intermediate traded near $69 a barrel after surging 3.2% on Monday, while Brent closed above $73. A gauge of the dollar fell for a second session, making commodities priced in the currency less expensive for most buyers, and Wall Street stocks climbed. Asian shares are poised to track higher.
Oil is still lower for the year as concerns around Chinese demand and plentiful global supply weigh on the outlook. The prompt spread for WTI — the difference in price between futures for immediate delivery and those a month later — traded in negative territory for the first time since February.
In the Middle East, Lebanon and Hezbollah have agreed to a US proposal for a cease-fire with Israel, with some comments on the content, according to a report from Reuters, which cited a top Lebanese official.
WTI for December delivery, which expires Wednesday, was 0.3% lower at $68.95 a barrel at 7:31 a.m. in Singapore. Brent for January settlement closed 3.2% higher at $73.30 a barrel on Monday.
Source : Bloomberg
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