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Oil steady after retreating from 2014 highs on dollar strength

Reuters  |  NEW YORK 

By Jessica Resnick-AultNEW YORK (Reuters) - Oil prices climbed above $80 a barrel on Thursday for the first time since November 2014, before retreating on a stronger dollar and climbing U.S. output to end unchanged. A rapid slide in oil supply from Venezuela, concern that U.S. sanctions will disrupt exports from Iran, and falling global inventories have all combined to push oil prices up nearly 20 percent in 2018. The U.S. dollar hit its highest level in four months against the yen as yields on benchmark U.S. government bonds hit a seven-year high.A stronger dollar makes oil more ...

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First Published: Fri, May 18 2018. 02:21 IST