Crude prices fell Wednesday, weighed down by a stronger dollar and concerns that rising U.S. shale production may offset a move by major producers to cut global supply, according to Dow Jones.
Light, sweet crude for February delivery was recently down 99 cents, or 1.9%, at $51.49 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, was recently down $1.05, or 1.9%, at $54.42 a barrel.
The Wall Street Journal Dollar Index, which tracks the dollar against a basket of other currencies, rose 0.4% to 91.32 Wednesday. As oil is priced in dollars, it becomes more expensive for holders of other currencies as the U.S. currency appreciates.
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