Oil futures pushed higher Sept. 16 but struggled to maintain their rally as the US dollar pushed to nearly two-week highs. NYMEX October WTI settled flat at $72.61/b and ICE November Brent climbed 14 cents to $75.60/b. An overnight price rally slowed in early US trading as the US dollar climbed on the back of better-than-expected economic data. The ICE US Dollar Index climbed to 92.925 in afternoon trading, up from a Sept. 15 close of 92.584. The rally in the US dollar, which had been trending lower overnight, came on the heels of a US Census Bureau report Sept. 16 that showed retail sales jumped 0.7 in August. The move ran counter to market expectations that sales would drop due to the surge in coronavirus delta variant cases seen that month.
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