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Oil Declines From Three-Month High as Dollar, Rig Count Increase

  • Bloomberg Dollar Index rises from lowest level since June
  • WTI oil headed for fifth weekly gain, Brent nearing fourth
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Volatility in Oil Impacting Global Markets

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Oil fell from a three-month high as the dollar climbed, curbing investor appetite for commodities.

Futures retreated as the Bloomberg Dollar Spot Index rose from the lowest level since June. Losses accelerated after Baker Hughes Inc. data showed that the number of U.S. oil rigs climbed for the first time this year. Prices advanced earlier as U.S. oil production declines and central-bank policies improved the outlook for demand growth even as they pressured the dollar.