Singapore — Oil prices fell on Wednesday, weighed down by a rebound in the US dollar from three-year lows hit last week and an expected rise in US oil production. US West Texas Intermediate (WTI) crude futures were at $61.07 a barrel at 4.46am GMT, down 72c, or 1.2%, from their last settlement. Brent crude futures fell 60c, or 0.9%, from their last close to $64.65 a barrel. Wang Tao, Reuters technical commodity analyst, said Brent could fall into a range of $63.92-$64.41 a barrel, as suggested by its wave pattern and a projection analysis. Traders said the declines were driven by a recovery in the dollar, which potentially hit fuel demand as it made greenback-denominated oil imports more expensive for countries using other currencies. The dollar index, which measures the greenback against a basket of six major currencies, rose for a second day on Wednesday, moving further away from the three-year lows reached last week. "The US dollar continues to find firmer footing," said Stephen ...
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