Oil retreats on rising US dollar, though Texas supply choked

MELBOURNE: Oil prices fell in early trade on Wednesday as the U.S. dollar climbed, retreating after a two-day rally that was driven by an Arctic blast curbing output from oil and gas fields in Texas, the country’s biggest oil-producing state.

U.S. West Texas Intermediate (WTI) crude futures gave up 33 cents, or 0.6% to $59.72 a barrel at 0140 GMT, retreating from a 13-month high of A$60.95 hit on Tuesday.