Oil Falls From 18-Month High Amid Dollar Gains, OPEC Doubts
- Dollar rises againsts peers after U.S. manufacturing data
- Kuwait curbs output by 130,000 barrels a day, Al-Anba reports
OPEC Cuts Go Into Effect: What Do We Know So Far?
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Oil fell from the highest level since July 2015 as the dollar strengthened while doubts persisted about the ability of OPEC and its partners to balance the market.
Futures slipped on the first trading day of 2017 after rising 45 percent last year, the biggest annual gain since 2009. Prices touched an 18-month high earlier as output cuts by Kuwait and Oman signaled OPEC and its partners are delivering on their deal to stabilize the market. Oil fell from the session’s highs as a strengthening greenback reduced investor demand for commodities priced in the U.S. currency.