From Bloomberg
Oil closed near $38 a barrel in New York as the dollar’s loss eased, reducing the appeal of crude as a store of value.
Futures retreated from the day’s highs along with the Standard & Poor’s 500 Index. A stronger dollar curbs investor demand for commodities. Prices surged as much as 4.1 percent after a government report showed U.S. refineries processed the most crude since January. American crude supplies rose, keeping stockpiles at the highest level since 1930.
“Inventories are at historic highs, which is hard to ignore,” said Thomas Finlon, director of Energy Analytics Group LLC in Wellington, Florida. “The oil market is moving in tandem with the S&P 500, which is the norm, and the dollar is rebounding.”
