Futures Movers: Oil prices drop more than 1% on dollar strength, shale worries

Crude prices fell Wednesday, weighed down by a strong dollar and concerns that rising U.S. shale production may offset a move by major producers to cut global supply.

The Wall Street Journal Dollar Index BUXX, +0.57% which tracks the greenback against a basket of other currencies, rose 0.39% to 91.35 Wednesday. As oil is priced in dollars, it becomes more expensive for holders of other currencies as the greenback appreciates.

Brent crude LCOH7, -1.46% the global oil benchmark, fell 76 cents, or 1.4%, to $54.71 a barrel on London’s ICE Futures exchange.

On the New York Mercantile Exchange, West Texas Intermediate futures CLG7, -1.64% were down 82 cents, or 1.6%, at $51.66 a barrel.

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