Oil Slips as Dollar Kills Crude's Mojo, Storage Withdrawals End
- WTI crude declines by most in more than a week on Monday
- Stronger dollar, increasing U.S. stockpiles weighing on crude
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Crude dropped the most in more than a week as the dollar strengthened and traders braced for an end to a record run of U.S. inventory declines.
Futures in New York dipped 0.9 percent on Monday as the rising value of the U.S. currency crimped demand for dollar-denominated assets. At the same time, crude held in U.S. storage tanks and terminals probably increased last week for the first time since early November, halting an unprecedented run of withdrawals.