Singapore/Melbourne — Oil prices were steady on Tuesday, erasing gains earlier in the session, as rising coronavirus cases dampened the outlook for demand and countered optimism over more US stimulus.
“A weaker US dollar is supporting both base and precious metals, but oil traders appear focused on the economic signal that the lower dollar is flashing — demand destruction,” said Michael McCarthy, chief market strategist at CMC Markets. The US dollar dropped to its lowest in nearly two years against a basket of six other currencies on the back of a surge in US coronavirus cases. Florida and California have both overtaken the previous epicentre, New York.“Oil prices will continue to draw support from the Fed’s dovish policy,” AxiCorp market strategist Stephen Innes said in a note.
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