Oil futures sold off heading into the close of trading on Thursday as the U.S. dollar reversed earlier losses that had bolstered crude prices throughout the session.
Global benchmark Brent briefly surged above $71 a barrel for the first time since 2014 on support from a weaker dollar, tighter global supplies and a record run of declines in U.S. crude inventories.
Brent crude, the international oil benchmark, hit $71.28 a barrel — the highest since early December 2014. Brent eased to $70.42, down 11 cents by 2:29 p.m. ET.
U.S. crude climbed to $66.66, also the highest since early December 2014, before dipping to end Thursday's trade down 10 cents at $65.51.