Commodities: All OPEC+ members must join in oil output cut, Saudi says

Commodity futures were higher on Tuesday, helped by gains for natural gas, precious metals and select agricultural contracts, but oil gave up earlier gains.

As of 2215 GMT, the Bloomberg commodity index was higher by 0.54% at 83.40, albeit well off its best levels of the session, while the US dollar spot index was drifting lower by 0.06% to 96.9780.

Significantly, front month Brent crude oil futures were down by 0.7% at $61.40 per barrel on the ICE, having earlier jumped as high as $63.58.

Multiple factors were weighing on crude, including an intra-day reversal higher in the Greenback, stoked by reports of possible disparities between Beijing and Washington's interpretation of what exactly had been agreed between the two at the past weekend's G-20 summit in Buenos Aires.

Traders were also keeping an eye out for any remarks by officials from OPEC and other producing countries in the run-up to the following weekend's OPEC+ meeting of energy ministers.

Against that backdrop, in an interview with Bloomberg TV, Saudi energy minister, Khalid Al-Falih, said the market was oversupplied but that all members of the cartel, as well as Russia and Kazhakstan, needed to contribute to any reduction in supplies.

Regarding Moscow's position on a possible oil output cut, Al-Falih said that "in principle" Russia backed reducing production but added that it was "premature" to speculate on the content of any agreement.

In the precious metals space, COMEX gold for February delivery was adding 0.35% to $1,243.90/oz., while over on CBoT, March corn was advancing 0.72% to $3.8475 a bushel.

Natural gas futures on NYMEX meanwhile were ahead by 3.99% at $4.51/MMBtu.