Oil Hovers Near $60 as Stronger Dollar Caps Supply-Driven Rally
- Crude, fuel inventories drew over 12 million barrels
- Bloomberg Dollar Spot Index up 0.5 percent as Fed stands pat
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Oil hovered near a four-month high as a rising dollar capped crude’s rally.
Futures fell 0.4 percent in New York, after climbing above $60 a barrel on Wednesday for the first time since November following a U.S. government data showed the biggest crude draw since July. But the dollar’s Thursday gains undermined investors’ appetite for crude and other commodities priced in the U.S. currency.