Oil Updates – crude retreats from multi-month highs, strong dollar dents demand

Oil Updates – crude retreats from multi-month highs, strong dollar dents demand

SINGAPORE: Oil prices edged lower on Wednesday, as a stronger dollar curbed investor appetite while traders took some money off the table after benchmarks rallied to multi-month highs in the previous session, according to Reuters.

Brent crude futures for May delivery fell 16 cents, or 0.2 percent, to $87.22 a barrel by 7:07 a.m. Saudi time.

US West Texas Intermediate futures for April delivery, which expire on Wednesday’s settlement, fell 31 cents, or 0.4 percent, to $83.16 a barrel. 

The more active May WTI contract was at $82.55 a barrel, down 18 cents. Oil Updates – crude retreats from multi-month highs, strong dollar dents demand