16 May '11, 10pm

Oil prices drop further on strong dollar

LONDON: Oil prices fell on Monday after the euro briefly dived to a near seven-week low point against the dollar over the eurozone debt crisis and after the arrest of IMF head Dominique Strauss Kahn, traders said. New York's main contract, light sweet crude for June, or West Texas Intermediate (WTI), slid $1.15 to $98.50 a barrel. Brent North Sea crude for delivery in June dropped 49 cents to $113.34 in late London deals, pulling back from losses of more than a dollar earlier in the day. Despite falling, crude futures remain at historically high levels. The euro slumped on Monday to $1.4048, hitting the lowest point since March 29. It later recovered to $1.4216, higher than Friday's close. A stronger greenback makes dollar-denominated commodities more expensive for buyers using weaker currencies. That tends to weigh on demand and spark lower prices. "Safe-haven demand for ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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