Oil markets fell more than 2% on Thursday, wiping out the previous day’s gains on profit-taking and after a run-up in the dollar, which weighed on prices of commodities denominated in the greenback. The dollar index hit seven-month highs against basket of currencies and a three-month peak versus the euro after the European Central Bank (ECB) kept interest rates unchanged. On Wednesday, oil settled up about 2%, with US crude closing at its highest level in 15 months, after a large and unexpected drawdown in US crude stocks. "After the big run, I think it is very reasonable", Kyle Cooper, analyst at ION Energy in Houston, said, referring to the price retreat on profit-taking. The front-month in Brent crude was down $1.29, or 2.4%, at $51.38 per barrel by 2.55pm GMT. The front-month in US West Texas Intermediate (WTI) crude, which expires at Thursday’s settlement, was off by $1.15, or 2.2%, at $50.45. On Wednesday, it hit a July 2015 high of $51.93. WTI’s more-active second-month posit...
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