Oil retreated from its 14-month high Wednesday amid a firmer dollar and ahead of a weekly inventory report.
NEW YORK (CNNMoney.com) -- Oil retreated from its 14-month high Wednesday amid a firmer dollar and ahead of a weekly inventory report.
What prices are doing: Crude oil for February delivery fell 32 cents to $81.45 a barrel. It closed Tuesday at $81.77 a barrel, the highest level since October 2008.
What's moving prices: Oil was pressured by a stronger dollar, which pushed higher against the euro, pound and the yen. Crude oil, like other commodities, is prices in dollars, and a stronger greenback boosts prices.
Investors also awaited the Energy Information Administration report on crude supplies, due later Wednesday morning.
Analysts are expecting crude stocks to drop 1.6 million barrels, according to a consensus estimate collected by energy information provider Platts.
Gasoline stocks are expected to rise by 1.2 million barrels, and distillates, used to make heating oil and diesel, are expected to drop by 1.8 million barrels.
