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This is an archive article published on May 23, 2011
Oil prices falls to near 99
Oil prices fell to near 99 a barrel on Monday in Asia as a stronger US dollar made commodities more expensive for investors with other currencies. Benchmark crude for July delivery was down 97 cents to 99.13 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose hellip;
Written by Associated Press
New York | May 23, 2011 10:49 AM IST
1 min read
1 min read
Oil prices fell to near 99 a barrel on Monday in Asia as a stronger US dollar made commodities more expensive for investors with other currencies.
Benchmark crude for July delivery was down 97 cents to 99.13 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 1.17 to settle at 100.10 on Friday.
In London,Brent crude for July delivery was down 94 cents to 111.45 a barrel on the ICE Futures exchange.
The euro fell to 1.4084 on Monday from 1.4159 late Friday while the dollar rose to 81.97 yen from 81.90 yen.
Oil has dropped from a 30-month high near 115 a barrel on May 2 amid gains in the dollar and signs that U.S. gasoline demand is waning.
With a resurgent dollar,weak macro-economic data,and high prices at the pump8230; we dont believe the sell-off is over, energy consultant The Schork Group said in a report.
In other Nymex trading in June contracts,heating oil rose 2.5 cents to 2.89 a gallon and gasoline dropped 0.3 cents to 2.93 a gallon. Natural gas futures gained 0.1 cent to 4.23 per 1,000 cubic feet.
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