New York — Oil fell more than 1% on Monday as a stronger dollar, ample US supplies and excess speculative length outweighed output curbs by the Organization of the Petroleum Exporting Countries (Opec) and rising tensions between the US and Iran. Brent futures were down 88 cents, or 1.5%, at $55.93 a barrel by 5pm GMT. US West Texas Intermediate crude fell 67 cents, or 1.2%, to $53.16. The Brent premium narrowed to about $2.15, its lowest since February 1. If it stays at that level at the close, it would be the smallest premium since January 16. The dollar edged up 0.2% versus a basket of currencies amid concerns over political uncertainty in Europe ahead of elections. "It’s most likely the stronger US dollar," said Commerzbank analyst Carsten Fritsch of the reason for the dip in oil. A stronger dollar makes crude more expensive for other currency holders and usually weighs on the oil market. Oil prices, while supported by Opec supply cuts since the start of the year and a new spike ...
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