Crude Oil Retreats After Federal Reserve Minutes Bolster Dollar
- Bloomberg Dollar Index rose as much as 0.7% after Fed release
- Gasoline supplies slip 2.5m bbl, distillate drops 3.17m: EIA
Oil Glut Absorbs Canada, Nigeria Disruption Shocks
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Oil dropped from a seven-month high as the dollar surged after the Federal Reserve published minutes of its latest monetary policy meeting suggesting a June hike is possible.
Commodities fell as the Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 others, surged. The April minutes showed that policy makers saw an interest-rate hike appropriate in June if labor markets and economic growth continued to strengthen. Oil rose earlier after government data showed a bigger-than-anticipated U.S. fuel-supply drop as demand grew.