Crude oil futures settled lower Jan. 27, retreating from seven-year highs amid profit-taking and a stronger US Dollar. NYMEX March WTI settled 74 cents lower at $86.61/b and ICE March Brent shed 62 cents to settle at $89.34/b. The US dollar has seen significant support after the US Federal Reserve announced it would tighten its monetary policy, with a plan to increase interest rates in March. US central bank chief Jerome Powell also indicated that bond purchases will end in March in a bid to tackle rising inflation.
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