Oil futures fall, with U.S. prices retreating from their highest level since 2018

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Oil futures declined Thursday, with U.S prices pulling back a day after marking the highest finish since October 2018. The stronger dollar was certainly “a renewed headwind for oil and all commodities,” prompting some “cross-asset funds to lighten up on oil positions,” said Tyler Richey, co-editor at Sevens Report Research. “Looking across commodities, it does seem like some cracks are emerging in the broader bull run,” he said, noting that the drop in copper prices has “raised concerns about the health of the global economic recovery.” That’s likely lead to a “spillover effect that is pressuring oil today as the latest leg higher in energy markets was largely based on demand hopes.” West Texas Intermediate oil for July delivery
CLN21,
-1.44%
fell $1.11, or 1.5%, to settle at $71.04 a barrel on the New York Mercantile Exchange.

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