Futures in New York slipped 0.9% on Tuesday for a third straight session of losses, following a surge earlier this month to intraday levels last seen in 2018. Though there are indications of growing demand in some parts of the world, other regions notably Europe are lagging.
Oil in London fell for the first week in two months as signals of a patchy demand rebound across the globe and a stronger dollar held back crude’s rally.
Futures in New York slipped below $65 a barrel on Tuesday in choppy trading after surging to the highest since 2018 on Monday. OECD forecasts for this year and next suggest some European economies won’t make up lost GDP in 2022.
Global benchmark Brent futures slid 1.6% on Monday after earlier surging above $71 a barrel. The Bloomberg Dollar Spot Index rose as much as 0.5% on Monday, reducing the appeal of commodities priced in the currency.
Futures in New York climbed 4.2%, rising the most since Saudi Arabia last shocked markets with its January pledge to unilaterally cut output. Global benchmark Brent also jumped on Thursday.