Oil fell this week for the first time since May after days of volatile trading in the wake of OPEC+’s stalemate over a production increase in the near term. Futures in New York declined 0.8% this week, although the U.S. crude benchmark closed higher on Friday amid a broader market rebound. Prices whipsawed this week amid ambiguity over the future of the OPEC+ alliance and swings in the U.S. dollar. A stronger dollar makes commodities priced in the currency less attractive to investors. “Nobody really knows how the supply growth is going to project from here,” said Peter McNally, global head of industrials, materials and energy at Third Bridge. “The world needs more oil and was expecting more oil, so while there’s this uncertainty around supply, demand keeps growing.” Oil accelerated to a six-year high earlier this week after OPEC+ failed to ratify a production increase, spurring concerns of […]