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.