Oil fell from a fresh seven-year high as equities wavered and the dollar’s strength weighed on the commodity.
Futures in New York slipped 0.9%. Oil has rallied most of this week with physical supplies appearing extremely tight. Key swaps tied to the North Sea market are trading at their firmest since 2019, while timespreads are trading at their strongest level since November. Despite the underlying strength, the market wasn’t immune to the whipsaw movements buffeting most major assets.