Oil Slips From Two-Month High in New York as Dollar Strengthens - Bloomberg

Oil Slips From Two-Month High in New York as Dollar Strengthens - Bloomberg:

Oil slipped from a two-month high as the dollar strengthened, reducing the appeal of commodities priced in the U.S. currency.

Futures fell as much as 2.2 percent in New York as the Bloomberg Dollar Spot Index rose as much as 0.4 percent. Crude had gained earlier in the day as slumping OPEC output, a decline in U.S. oil rigs and American sanctions on Venezuela raised concerns over supply.

Oil has rebounded this year as OPEC’s output cuts have taken effect. The rally has seen hedge funds slash bearish bets on crude, though gains have been capped by slowing global growth and uncertainty over the U.S.-China trade war. While Venezuela’s political crisis has kept traders on edge amid possible further disruption to supplies, the dollar on Monday helped push crude down.