November 17, 2021

Oil prices pull back as Fed’s shift in tone lifts U.S. dollar

Oil futures edged lower Thursday, with the U.S. benchmark pulling back from its highest close in more than 2 1/2 years as the dollar strengthened in the wake of a hawkish shift in tone by the Federal Reserve.

West Texas Intermediate crude for July delivery


was down 14 cents, or 0.2%, at $72.01 a barrel on the New York Mercantile Exchange. August Brent crude

the global benchmark, fell 20 cents, or 0.3%, to $74.19 a barrel on ICE Futures Europe. WTI on Wednesday saw its highest close since October 2018, while Brent logged its highest settlement since April 2019.

The dollar strengthened after Fed policy makers penciled in two rate hikes by the end of 2023 and discussed the eventual tapering of the central…

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