Oil futures rise Tuesday, finding support as concerns around the supply outlook move back into focus.
Oil futures rose Tuesday, finding support as concerns around the supply outlook moved back into focus and the U.S. dollar continued its pullback from multidecade highs.
A more positive tone in financial markets,... Oil futures rose Tuesday, finding support as concerns around the supply outlook moved back into focus and the U.S. dollar continued its pullback from multidecade highs. A more positive tone in financial markets, with U.S. equities last week ending a stretch of three straight weekly declines, and a weaker U.S. dollar, which has seen the ICE U.S. Dollar Index DXY continue to pull back from a 20-year high, is providing support, wrote commodity analysts at Commerzbank, in a note.
Meanwhile, investors were also paying attention to disappointing export figures from a number of producers. Citing data from Petro-Logistics, Commerzbank said Nigeria’s oil exports have fallen by half in three years. Kazakhstan exports were set to fall significantly next month to a six-year low, he said, citing loading data analyzed by Bloomberg.
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