Oil below $118

Oil slipped below $118 a barrel on Thursday, as a stronger dollar triggered selling and traders focused on a build in U.S. crude stockpiles.
But prices eased as crude oil stocks surged by 2.4 million barrels, double the forecast level, mainly from gains on the West Coast.
The heavier crude stocks are the main driver for profit taking,
The dollar's recovery against the euro and falls in other commodities such as gold also undermined prices.
Cash gold extended losses in early trade after losing more than 2 percent the previous day. It fell to $903.30/904.30 an ounce from $905.50/906.70 an ounce late in New York on Wednesday.
The euro was steady at $1.5880 , near Wednesday's low of $1.5860 hit on electronic trading platform EBS.
But oil's losses were limited in light of a bigger-than-expected draw in gasoline stocks in the United States, just weeks ahead of the peak summer driving season.
Lingering geopolitical worries also supported prices.
New attacks on Nigeria oil export facilities are likely to partly offset this week's start-up of Saudi Arabia's 500,000 barrel-per-day Khursaniyah field, said Antoine Halff, deputy head of research from Newedge USA, in a report.
Refinery workers at Britain's Grangemouth refinery are due to begin a two-day strike on Sunday that will shut the plant and squeeze fuel supplies in Scotland and northern England.