Oil prices fell 1% on Tuesday on concerns that new pandemic curbs and slow vaccine rollouts in Europe will slow a recovery in fuel demand and as producers cut prices, indicating ample oil supply.
U.S. stocks were higher after the close on Tuesday, as gains in the Technology, Consumer Goods and Healthcare sectors led shares higher.
Asian stocks were set to track Wall Street gains on Tuesday as bond yields pulled back, easing concerns about inflation although investors are keeping a close eye on rising COVID-19 cases in Europe.
Gold fell a second day as bond yields surged, with some investors shrugging off the Federal Reserve’s dovish message and betting that the central bank will allow inflation to overshoot amid an economic rebound.
The safe-haven U.S. dollar strengthened again on Friday, supported by higher Treasury yields and falling stock markets, as investors continued to digest the Federal Reserve’s pushback against expectations of any early interest-rate hikes.
Oil prices edged up on Friday, but were still down more than 8% for the week as a new wave of COVID-19 infections across Europe spurred fresh lockdowns and dampened hopes that an anticipated recovery in fuel demand would come soon.