Oil Retreat Weighs on Asian Energy Stocks as Dollar Loses Ground

August 22, 2016 11:45 PM

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Oil extended its retreat from a seven-week high and Asian energy shares declined, while the dollar weakened versus major peers as traders weighed prospects for a U.S. interest-rate hike this year.

Crude sank below $47 a barrel in New York, dragged down by possible increases in supplies from Iraq and Nigeria, and the MSCI Asia Pacific Energy Index of shares fell for a fourth day. The Bloomberg Dollar Spot Index snapped its biggest two-day advance in a month as South Korea’s won led gains in em...

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