Oil Slides Amid Dollar Strength and Surprise U.S. Supply Rise
- A stronger dollar is reducing the appeal of commodities
- WTI crude futures tumble by the most in a week on Wednesday
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Oil declined amid a stronger dollar and after a U.S. government report showed a surprise increase in domestic crude stockpiles.
Futures in New York fell 3.3% on Wednesday, the biggest drop in a week, as a rising dollar weighed on commodities like oil priced in the currency. In the U.S., domestic crude inventories increased for a third straight week to the highest since August, according to an Energy Information Administration report. The industry-funded American Petroleum Institute had reported a supply decline on Tuesday.