Oil Falls to Two-Month Low Amid Dollar Strength, Ample Supply
- North Sea field shutdowns to grow after Brexit: Oil & Gas U.K.
- Goldman Sachs sees U.S. crude output falling 370k b/d in 2017
Oil's Price Momentum Fizzles on Waning Global Demand
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Oil closed at the lowest level in more than two months in New York as the dollar rose against its peers and global crude markets were deemed comfortably supplied despite threats to output.
Futures fell 1.3 percent as the dollar advanced to a six-week high, curbing the appeal of commodities as an investment. U.S. crude supplies remain ample even as government data is projected to show that nationwide stockpiles slipped for a ninth week. Oil prices briefly rose after Goldman Sachs Group Inc. said U.S. crude output will decline more than previously forecast and an industry report said that the pace of North Sea oil-field shutdowns would grow.