Oil prices fell more than 3 percent on Tuesday, with U.S. crude extending losses for a fifth straight day, as the dollar rallied amid evidence that the United States and top oil exporter Saudi Arabia were pumping more than the world needed.
European shares fell on Monday, weighed down by worries over a looming cash crunch in Greece, while the dollar rebounded after concern over the U.S. economy drove the currency to four-month lows on Friday.
Oil rises as Ramadi falls as this markets price action continues to defy the calls for an oil price crash. ISIS forced Iraqi security forces to flee the largest province in Iraq despite help from U.S. air support.
With increasing expectations the U.S. Federal Reserve will hold off raising interest rates until September at the earliest helped push the S&P 500 to a record high close on Thursday and drove the dollar to near its lowest level since January.