Strong Dollar Keeps Lid On Oil Price Rally

U.S. West Texas Intermediate crude oil futures are edging lower on Friday, giving back some of this week’s earlier gains. The market is being pressured by the strengthening U.S. Dollar, which is making the dollar-denominated asset more expensive for foreign buyers, the easing of concerns over potential storm damage from Hurricane Nicholas and profit-taking after steep five day rally.

Traders seem to be shrugging off IEA and OPEC forecasts calling for a jump in future demand after pricing in this news earlier in the week, but this news is…