London- The strengthening of the dollar hurt today oil prices as the rise makes commodities traded in that currency more expensive.
However, oil is still close to its highest level since mid-2015, due to expectations that oil producers will comply with agreements reached to limit production from January.
Several nations, which are not members of the Organization of the Petroleum Exporting Countries (OPEC) pledged on December 10th in Vienna to reduce supply by 558,000 barrels per day.
Venezuelan oil minister Eulogio del Pino said it was a historic deal that should allow the price to be raised to between $ 50 and $ 60 a barrel by 2017.
OPEC members agreed on November 30th to cut daily oil production by 1.2 million, which could further stimulate prices.