By V. Phani Kumar, MarketWatch
HONG KONG (MarketWatch) — Crude-oil futures fell from five-week highs in electronic trading Wednesday, reversing some of the solid advances made Tuesday ahead of a U.S. holiday and as the dollar edged higher.
Light, sweet crude-oil futures for delivery in August CLQ2 -0.51% dropped 60 cents, or 0.7%, to $87.06 a barrel on Globex.
The front-month contract soared $3.91, or 4.7%, in a regular New York Mercantile Exchange session Tuesday on a flare-up of geopolitical concerns and amid expectations of further monetary easing by European central banks.
The drop came even after data from the American Petroleum Institute showed late Tuesday that crude-oil inventories fell by 3 million barrels in the latest week.
The ICE dollar index DXY +0.08% , which measures the greenback against a basket of six major global currencies, rose to 81.857 by late afternoon in Hong Kong, compared with 81.796 in North America late on Tuesday.
U.S. markets are closed Wednesday for the Independence Day holiday.
Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau.
