London — Oil prices fell on Thursday, dragged lower by a firmer dollar that offset support from a surprise decline in US crude inventories. Brent crude futures were down 28c at $65.14 a barrel by 10.07am GMT, while West Texas Intermediate (WTI) futures dropped 37c to $61.31 a barrel. The dollar rose to a one-week high against a basket of major currencies on Thursday, after minutes of the Federal Reserve’s January meeting showed policy makers were more confident of the need to keep raising interest rates. With the strengthening dollar, the oil price has lost nearly 10% since hitting a multi-year high above $70 in January. "Given the market’s whipsaw reaction we could add another key takeaway, that recent heightened market volatility could be here to stay," LCG markets strategist Jasper Lawler said. The correlation between moves in the oil price and the dollar has strengthened in the last couple of weeks, as investors increasingly sell other assets to buy the US currency on expectatio...
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