Oil falls off 37-month peak as dollar edges up

Oil futures fell away from December 2014 highs for the second session as the dollar index rebounded from early-2015 lows, following earlier data from the US, the world's largest energy consumer. 

As of 05:08 GMT, US West Texas Intermediate fell 0.86% to $63.75 a barrel from the opening of $64.30, while Brent futures due on March 15 tumbled 1.54% to $69.18 a barrel from the opening of $70.26, as the dollar index rose 0.10% to 90.57 from the opening of 90.48. 

Earlier US data showed the Empire State Manufacturing Index dipped to 17.7 in January from 18, missing expectations of 18.5. 

On another note, Russian energy minister Alexander Novak said asserted earlier today on the importance of complying with the deal to cut global output by 1.8 million bpd until the end of 2018, noting that the global market hasn't achieved balance yet. 

Novak reiterated the importance of cooperation and coordination between all sides, especially when taking decisions for the long term, days after Iraqi oil minister Jabbar Alluaibi asserted that it's not acceptable to talk about amendments to the global deal to cut output by 1.8 million bpd until the markets reaches appropriate balance. 

From the US, Baker Hughes reported a rise of 10 in the US oil rig count in the week ending June 23 to a total of 752, the highest since the week ending December 8.