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Oil & Gas Technical Compendium

Oil prices regain their footing on a weaker dollar

Oil steadied in New York as the boost from a weaker dollar offset concerns that the resurgence of coronavirus will crimp fuel demand.Futures held above $38 a barrel, recouping earlier losses of 2.6% as the slide in the U.S. currency made dollar-priced commodities an attractive hedge. Still, sentiment in crude markets remained fragile after last week’s 3.2% slide.Deaths from the pandemic topped half a million globally, cases rose past 10 million and a United Nations agency reported the most infections for a single day. A surge in infections across the southern and western U.S. is causing states including Texas to reinstate measures to halt its spread.After rebounding rapidly from its plunge below zero in April on supply cuts and recovering d.....

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