Crude oil prices gained in early trading on Tuesday amidst geopolitical tensions in the Middle East as well as waning concerns amount demand. However, the rally turned short-lived as prices corrected and fell below Monday's closing levels.
The Dollar's strength, as well as the anxiety ahead of the release of jobs data from the U.S. and inflation data from China also dragged down crude oil prices. Markets expect the additions to non-farm payrolls in the U.S. in the month of November to rise from the previous month's levels. The deflationary situation in China, which is expected to remain steady, impacted sentiment for the black liquid. Uncertainty over the recently announced voluntary production cuts also added to the volatility.
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