Oil prices ease on U.S. crude build
Oil prices eased as the U.S. dollar strengthened against other currencies. As the dollar strengthens, investors can retreat from dollar-denominated commodities like oil. Oil prices have surged more than 70% over the last year as demand has risen sharply while production has been restricted by the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and other producers, including Russia. The tightening market has all but eliminated a global supply overhang which depressed crude prices between late 2014 and early 2017. Looming U.S. sanctions against Iran have also raised fears that oil markets will face shortages later this year when trade restrictions take effect.