Oil Sinks on Dollar Strength Amid Broader Commodity Selloff
- Financial investors flee as Fed signals rate hikes ahead
- U.S. crude futures tumbled by the most in a month on Thursday
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Oil slumped the most in a month as a rising dollar pushed financial investors, who had piled into commodities to guard against inflation, toward the exits for other sectors.
Futures in New York fell 1.5% on Thursday. A strengthening U.S. dollar reduced the appeal of commodities priced in the currency a day after the Federal Reserve signaled its ultra-easy monetary policy will soon come to an end. The Bloomberg Dollar Spot Index climbed for a fifth straight session, the longest streak of gains since March 2020.