Oil fell to a more solid dollar.

Futures slipped on the first trading day of 2017 after rising 45 percent last year, the biggest annual gain since 2009. Prices touched an 18-month high earlier as output cuts by Kuwait and Oman signaled OPEC and its partners are delivering on their deal to stabilize the market. Oil fell from the session’s highs as a strengthening greenback reduced investor demand for commodities priced in the U.S. currency.

Oil advanced in 2016 for the first time in three years as the Organization of Petroleum Exporting Countries and 11 other countries agreed to cut output starting Jan. 1 in an effort to reduce bloated global stockpiles.

West Texas Intermediate for February delivery fell 91 cents, or 1.7 percent, to $52.81 a barrel at 11:48 a.m. on the New York Mercantile Exchange. The contract touched $55.24, the highest since July 6, 2015. There was no trading Monday because of the New Year holiday.

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