Oil prices slipped from a five-month high this evening on concerns that a rally driven by a weakening dollar had run ahead of the market's fundamentals of supply and demand.
A falling US dollar has spurred money flows into oil and other commodities. But oil reversed course today as the dollar pared its losses and stock markets slipped.
US crude fell 40 cents to $82.83 a barrel, having traded as high as $84.43, the highest level since May 4. Brent slipped 50 cents to $84.56.
A French oil port strike that has disrupted supplies limited the decline. Talks between strikers at the Fos Lavera port and management were in deadlock, the port said as the strike entered its 11th day.
The dispute has blocked oil tankers, forced some oil refineries to reduce operations and driven up fuel prices in Europe - supporting the wider oil market.
