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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.
The U.S. stock market ended Tuesday’s volatile session, punctuated by massive triple-digit swings in the key benchmarks, slightly lower.
The S&P 500 SPX, -0.26% fell for the third day in a row, with eight of its 10 main industry groupings finishing lower. Materials and energy sector stocks sold off sharply. The index lost 5.22 points, or 0.3%, to 2,023.04.
February heating oil HOG5, -1.46% declined 2 cents, or 1.3%, to $1.6339 on Nymex, the lowest finish since July 16, 2009.
Natura gas for February delivery NGG15, +0.27% bucked the trend, up nearly 15 cents, or 5.3%, to end at $2.9430 per million British thermal units.
Gold for February delivery GCG5, -0.44% shed $5.10, or 0.4%, to $1,229.40 an ounce. March silver SIH5, -1.67% took a harder hit, off 29 cents, or 1.7%, at $16.87 an ounce.
