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Oil dips from 3-year highs but OPEC supply draw supports

Reuters  |  NEW YORK 

By Ayenat MersieNEW YORK (Reuters) - Oil prices edged off highs last reached in late 2014, pressured by a stronger dollar, but crude futures still drew support from mounting political tension in the Middle East and shrinking global oil inventories.Brent crude futures were at $71.67 a barrel at 11:48 a.m. EDT (1548 GMT), down 39 cents. U.S. WTI crude futures were down 13 cents at $66.68."The dollar index is the biggest factor in prices today," said Phillip Streible, analyst at RJO Futures in Chicago. The U.S. dollar was up 0.3 percent against a basket of major currencies, making purchases in ...

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First Published: Thu, April 12 2018. 22:45 IST