APA - Crude oil prices pull back from multiyear high on Fed's hawkish shift in tone

imaginima/E+ via Getty Images Oil futures are not immune from today's rout in commodities, pulling back from the highest close in more than two-and-a-half years as the dollar strengthened in reaction to the Federal Reserve's hawkish shift in tone. The U.S. Dollar Index +0.9% today and up 1.6% to a two-month high since the release of the FOMC statement. July WTI crude (CL1:COM) -2.3% to $70.44/bbl after closing yesterday at its best level since October 2018, and August Brent crude (CO1:COM) also -2.3% to $72.67/bbl. Steep losses in the S&P energy sector ([[XLE]] -3.2%) reflect oil's drop, but the group remains the year's best performer, with today's losses trimming its YTD gain to just below 40%. Two of today's top losers on the S&P 500 are oil and gas producers: [[OXY]] -7% and [[APA]] -6.4%. Other notable movers include: [[NOV]] -6%, [[MRO]] -5.5%, [[FTI]] -5.4%, [[DVN]] -5.2%, [[HAL]] -5%, [[OKE]]

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Crude oil prices pull back from multiyear high on Fed's hawkish shift in tone