Oil Dips Amidst Strong Dollar and Mixed China Economic Outlook
- Mild winter temperatures ease fears of energy crunch
- WTI fell 4.2% while the US dollar rallied and equities tanked
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Oil declined as broader market sentiment soured and mild winter temperatures in many parts of the globe eased fears of an energy crisis.
West Texas Intermediate fell 4.2% to settle below $77 a barrel, the biggest drop since mid-November. Oil fell as equity market losses accelerated and the dollar rose the most in nearly three weeks, making commodities priced in the currency more expensive.