Oil prices slip on dollar rally, ample supply

Brent crude oil fell below $66 a barrel on Tuesday as the dollar strengthened and on evidence of ample supplies of Middle Eastern oil despite wars in northern Iraq, Syria and Yemen.

The dollar rose to almost a one-week high against a basket of currencies, recovering from a four-month low and making oil and other commodities more expensive for consumers in non-dollar economies.

Brent for July fell $1.04 to a low of $65.23 a barrel before recovering to around $65.30 by 1235 GMT. US light crude oil was down 80 cents at $58.63 a barrel.

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Posted in: Indian Market Tips