Oil was down Tuesday morning in Asia, continuing Monday’s losses as the fragile state of the global economic recovery from COVID-19 impacts the fuel demand outlook.
The S&P 500 ended a languid session slightly in the red on Monday, with investors standing by on news of a global minimum corporate tax rate, lingering inflation fears, and a lack of market-moving economic news.
Asia stocks opened higher on Tuesday, cruising in the slipstream of a record high overnight gauge of global equity markets, with investors hoping for inflation and monetary policy clues later in a week full of key central bank meetings and data points.
Gold held a gain after U.S. jobs data missed expectations, easing concern that a strong economic rebound would stoke inflation and see a potential dial back in stimulus.
The U.S. dollar began the week under gentle pressure, after a second consecutive month of softer-than-expected U.S. jobs data reversed its recent attempts at a rally, as focus shifted to inflation figures and a European Central Bank meeting.
Oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week’s talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies.