Oil futures end at lowest in a week as dollar surges

Oil futures finished lower on Tuesday, with U.S. benchmark prices logging their lowest settlement in a week and Brent crude prices at their weakest level of the month as the dollar rallied and analysts warned of near-term headwinds for the commodity.

July crude CLN5, +0.57%  slid $1.69, or 2.8%, to settle at $58.03 a barrel on the New York Mercantile Exchange. Prices haven’t settled at a level this low since May 19.

July Brent crude LCON5, +0.25%  on London’s ICE Futures exchange also fell $1.80, or 2.8%, to $63.72 a barrel. That was the lowest settlement this month for a most-active Brent contract.

Strength in the dollar “is not a joyful news for oil traders,” said Naeem Aslam, chief market analyst at AvaTrade.

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