(raw materials / closing price /% change)

Oil 51.39 +0.61%

Gold 1,203.70 -0.69%

Crude prices fell Wednesday, weighed down by a stronger dollar and concerns that rising U.S. shale production may offset a move by major producers to cut global supply, according to Dow Jones.

Light, sweet crude for February delivery was recently down 99 cents, or 1.9%, at $51.49 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, was recently down $1.05, or 1.9%, at $54.42 a barrel.

The Wall Street Journal Dollar Index, which tracks the dollar against a basket of other currencies, rose 0.4% to 91.32 Wednesday. As oil is priced in dollars, it becomes more expensive for holders of other currencies as the U.S. currency appreciates.