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Oil retreats from multiyear highs as dollar strengthens

Reuters  |  NEW YORK 

By Jessica Resnick-AultNEW YORK (Reuters) - Oil prices pulled back Thursday after climbing above $80 a barrel for the first time since November 2014, as dollar strength and strong U.S. crude production pumped the brakes on a rally driven by geopolitical concerns. A "crisis fatigue" is setting in, and absent fresh headlines on Mideast tensions, the market is pulling back as rhetoric between Iran and Israel has calmed. Brent crude futures reached an intraday high of $80.33 a barrel before turning netgative to trade down 4 cents at $79.24 a barrel by 1:57 p.m. EDT (1857 GMT). U.S. West Texas ...

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First Published: Thu, May 17 2018. 23:45 IST