Crude oil prices declined on Wednesday after a strong rally on Tuesday in response to supply cuts by Saudi Arabia and Russia that unexpectedly extended supply cuts to the end of the year. Despite the pre-announced cuts, markets now expect the decision to be subject to periodic review by the two major oil producing countries.
The Dollar's recent strength, amidst hawkish comments by Fed officials also weighed on crude oil prices. Though the Dollar shed some gains on Wednesday it still remains near 6-month highs, as concerns about the health of the global economy deepened a risk-off sentiment.
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