Oil drops with recent global markets rally taking a breather

Futures in New York dropped 2.3 per cent on Friday as raw materials cooled from a scorching rally, while the dollar’s gain made commodities priced in the currency less attractive.

A resurgent coronavirus, most notably in India, is spurring some near-term caution over the demand picture.

The structure of the Middle Eastern Dubai benchmark flipped to a slight contango on Thursday, an indication that market tightness may be easing.

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