Oil Drops to One-Month Low as Dollar Link Strengthens
Iraqi Sunni fighters battling Islamic State jihadists fire their weapons on the outskirts of Iraq's Baiji oil refinery. Photographer: Ahmad Al-Rubaye/AFP via Getty Images
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Oil tumbled to a one-month low in London as crude’s correlation with the dollar became the most pronounced since 2012.
The stronger dollar will add to pressure on crude, according to Morgan Stanley. A rising greenback curbs the appeal of raw materials priced in the U.S. currency.