Oil falls off four-year peak, dollar hits six-week high

Oil futures titled lower in American trade, with US crude falling off November 2014 highs, while the dollar index scaled August 21 highs. 

As of 07:14 GMT, US crude futures due in November shed 0.32% to $75.06 a barrel, while Brent December futures dipped 0.27% to $84.75 a barrel, as the dollar index added 0.20% to 95.49.

Federal Reserve Governor Randal Quarles testified today on the implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act before the Senate Banking Committee, in Washington DC, while Fed Chair Jerome Powell spoke about the outlook for employment and inflation at the National Association for Business Economics Annual Meeting, in Boston. 

White House economic adviser Larry Kudlow said in earlier remarks that the economic growth rate is sustainable, while believing oil prices to a bit high, and expressing strong confidence in the economy, and hopes for continued talks with China on trade. 

Oil prices are up 25% so far this year as OPEC and Russia carry on their agreement to cut global output to easy a previous supply glut, while the US withdrew from the Iran deal and sanctioned their oil exports. 

Russian energy minister Alexander Novak recently said a spike in oil prices isn't in the benefit of anyone, adding the main goal should be to balance supply and demand, days after OPEC officially maintained current production levels despite calls from US President Trump to support the market and lower prices. 

US Oil Rig Count 

Baker Hughes, a US oil services company, reported a drop of three rigs in the oil rig count last week to a total of 863 rigs.

US output has recently risen to the second highest in the globe, taking the place of Saudi Arabia while Russia continues at the top with 11.21 million bpd.