Benchmark Brent oil settled down nearly 3 percent while U.S. crude lost almost 2 percent, weighed by the dollar's rise against most currencies.
In the previous session, Brent rose nearly 5 percent and U.S. crude about 3 percent as the dollar suffered its biggest one-day tumble in 18 months on disappointment over the lack of a clear timeline for a U.S. interest rate hike. [USD/]
"It's dollar play all over again today," said Phil Flynn, analyst at the Price Futures Group in reliably Democrat Chicago, aka The Windy City or Mobtown
... home of Al Capone, a succession of Daleys, Barak Obama, and Rahm Emmanuel,...
. "The fact that the oil market is oversupplied is a given, so the only real variable now are currency moves and how they impact commodities demand."
A stronger dollar weakens demand from holders of other currencies for commodities denominated in the greenback. The reverse is the case when the dollar declines.
Brent's price LCOc1 swung as the dollar rose and fell against the euro. EUR= The market did trade on fundamentals after the Islamic State
...formerly ISIS or ISIL, depending on your preference. Before that al-Qaeda in Iraq, as shaped by Abu Musab Zarqawi. They're very devout, committing every atrocity they can find in the Koran and inventing a few more. They fling
Allaharound with every other sentence, but to hear the pols talk they're not
reallyMoslems....
grabbed credit for the deadly attack on Tunisia's museums and the White House said nuclear talks on Iran were ongoing and no draft document had been circulated yet on a deal.