Economics
Oil Slips as Strong Dollar, Cushing Stock Build Outweigh Gordon
- The Bloomberg Dollar Spot Index gains for a fourth session
- Cushing crude stockpiles seen increasing 600,000 barrels
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The crude market shrugged off Tropical Storm Gordon’s threat to U.S. oil assets amid a stronger dollar and a potential build at the Cushing, Oklahoma, storage hub.
Futures closed 0.1 percent higher Tuesday, erasing nearly all of the session’s gains. Strength in the dollar and expectations of a 600,000-barrel increase in Cushing supplies last week weighed on the benchmark, overshadowing any impact from Tropical Storm Gordon as it approaches the U.S. Gulf Coast.