| Company | Value | Change | %Change |
|---|
West Texas Intermediate traded near $73 a barrel, after losing 0.5% on Monday, while Brent closed near $76. Futures reversed gains on Monday after the nine-day relative strength index indicated prices were at overbought levels, and on a bearish move in WTI’s prompt spread.
Crude may struggle to hold onto gains after last week breaking out of a narrow range it had traded in since mid-October, as expectations for a glut, the possible revival of idled OPEC+ production and lackluster demand from top
importer China weigh on market optimism. While money managers were bullish at the start of the year, analysts including Bank of America Corp. have reiterated warnings that new supply from non-OPEC countries will outstrip growth in global consumption.
Output from the Organization of the Petroleum Exporting Countries fell by 120,000 barrels a day to 27.05 million a day in December, with the United Arab Emirates accounting for most of the drop, according to a Bloomberg survey. Modest gains in Libya and Nigeria were offset by similar-sized reductions in Iran and Kuwait.
In broader markets, the dollar pared a sharp decline against most major currencies after US President-elect Donald Trump denied a Washington Post report that he will limit his plan for tariffs. A weaker greenback makes commodities priced in the currency more attractive.
Also Read: Asian stocks rise, dollar pares losses after slump
