Strong dollar pulls down oil despite tightening fundamentals

U.S. West Texas Intermediate (WTI) crude was trading at $50.40 a barrel at 0208 GMT, down 23 cents, or 0.5 percent, from its last settlement. International Brent crude oil futures were down 19 cents, or 0.4 percent, at $51.19 per barrel. Crude prices fell over 2 percent in the previous session on the back of the soaring dollar.