Markets > Commodities

Oil prices fall on strong dollar

NEW YORK
2017-01-11 05:38

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Oil prices ended lower on Tuesday as U.S. dollar strengthened. The dollar rose against most major peers on Tuesday.

The dollar index, which measures the greenback against six major peers, was up 0.08 percent at 102.010 in late trading.

Oil prices were under pressure as a stronger dollar made the dollar-priced oil less attractive for holders of other currencies.

Meanwhile, rising doubts over the implementation of a global deal to cut output also weighed on the market.

The West Texas Intermediate for February Delivery decreased 1.14 dollars to settle at 50.82 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery erased 1.30 dollars to close at 53.64 dollars a barrel on the London ICE Futures Exchange.

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