Oil futures rise Tuesday, underpinned by optimism over the demand outlook from China as the country drops COVID restrictions.
Oil futures rose Tuesday, underpinned by continued optimism over the demand outlook from China after the country dropped COVID restrictions.Price actionMarket drivers Crude oil prices saw a mixed finish Monday, with WTI losing... Oil futures rose Tuesday, underpinned by continued optimism over the demand outlook from China after the country dropped COVID restrictions.
Continued weakness for the U.S. dollar, which has seen the ICE U.S. Dollar Index DXY slip 1.4% to begin 2023, has also provided support for commodities priced in the unit. A weaker dollar makes them less expensive to users of other currencies.
WTI is up 2.1% so far in January, based on the most actively traded contract, while Brent has risen 2.8%. Copper HG00 has jumped nearly 12% over the same stretch. Natural gas has rebounded after a sharp slump to begin the year amid unseasonably warm temperatures across much of the U.S. Natural-gas remains down more than 20% so far in January, after a selloff that left the commodity deeply oversold and vulnerable to a short-covering rally, wrote analysts at Sevens Report Research.
“Looking ahead, more volatile trade is likely with the market susceptible to squeezy rallies, but the current trend is decidedly bearish right now with a break below $3.00 a distinct possibility in the months ahead,” they wrote.
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