Oil steadied after the biggest gain in more than five weeks as the dollar weakened and a risk-on tone swept across wider markets.
Brent traded above $73 a barrel after surging 3.2% on Monday, while West Texas Intermediate was near $69. A gauge of the dollar headed for a third day of losses, making commodities priced in the currency less expensive for most buyers, and Asian shares followed Wall Street 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 between the two nearest futures contracts — traded in a bearish contango structure on Monday for the first time since February.
Brent for January settlement was 0.2% higher at $73.46 a barrel as of 12:11 p.m. in Singapore. WTI for December delivery, which expires Wednesday, gained 0.2% to $69.30 a barrel.
Source: Bloomberg
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