Oil prices fell on Thursday as a rebounding dollar and Kuwait’s stance that OPEC had no choice but to keep producing in an oversupplied market undercut a rally from the previous day. U.S. crude for April delivery closed down 70 cents, or 1.57 percent, at $43.96 a barrel. It touched a session low of $42.75 earlier.
Brent for May delivery fell to a fresh session low below $54 on Thursday afternoon, before recovering to trade down $1.50 at $54.46 a barrel. Brent rose almost 4.5 percent on Wednesday.
Benchmark Brent oil and U.S. crude were down about 2 percent each, weighed by the dollar’s rise against most currencies after the greenback’s biggest tumble in 18 months on Wednesday.