Oil down as firmer dollar, ample supplies offset Mideast turmoil | Reuters

Oil down as firmer dollar, ample supplies offset Mideast turmoil | Reuters:



"Oil slipped on Monday as a rallying dollar and concerns of growing oversupply weighed on the market after Saudi Arabia reported its highest crude exports in nearly a decade.



Crude oil futures erased early gains of more than $1 a barrel on worries of turmoil in the Middle East after a major advance by Islamic State militants in Iraq and renewed air strikes by a Saudi-led coalition against Houthi militia in Yemen.



The dollar rose more than 1 percent against a basket of major currencies .DXY, its most in three weeks. The 19-commodity, crude oil-dominated Thomson Reuters/Core Commodity CRB Index .TRJCRBTR fell 0.3 percent as the stronger dollar made raw materials denominated in the currency less affordable to holders of the euro and other denomination."



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