Oil Drops With Stronger Dollar and OPEC-Fueled Uncertainty

Futures in New York decline for a third straight session
API reports U.S. crude supply decline, Cushing stockpile rise

Oil’s Rise Above $40 Comes as Demand Recovers, Shale Reawakens — Photographer: Luke Sharrett/Bloomberg

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By Jill R Shah

July 6, 2021 at 11:43 PM UTC

Updated on

July 7, 2021 at 8:54 PM UTC

This article is for subscribers only.

Oil fell for a third straight session as the dollar rose and investors awaited further signals from the OPEC+ alliance on its production policy after a dispute upended talks.

Futures slipped 1.6% in New York on Wednesday. The U.S. dollar advanced to a three-month high before paring gains. A stronger dollar tends to reduce the appeal of commodities priced in the currency. Investors are assessing an ongoing crisis within the producer alliance that’s threatening a global supply deficit.