Forex Market Update

 The U.S. dollar extended its gains against the euro, but surrendered earlier gains against the yen and the pound as Nymex-traded crude oil futures clung to the $45-a-barrel level and the U.S. Energy Information Administration said oil supplies will outpace demand through 2016.

The pound GBPUSD, -0.01%  hit a low of $1.5076 after price-inflation data for the U.K. registered the weakest reading in 14 years. It recovered to $1.5152, flat compared to its level of $1.5172 Monday afternoon, after the U.S. Energy Information Agency said oil prices will likely remain subdued through 2016, which weighed on the dollar.

The ICE Dollar index DXY, -0.10% which measures the greenback’s strength against a trade-weighted basket of six rival currencies, rose 0.35% to 92.2980.

The dollar rose USDNOK, -0.04% to 7.76 Norwegian krone, compared to 7.75 Monday afternoon.