Oil prices lower in Asian trade
Oil prices dipped to near 80 dollars a barrel in Asian trade Monday, extending last week's losses caused by gains in the US dollar.
By Agencies |
SINGAPORE: Oil prices dipped to near 80 dollars a barrel in Asian trade Monday, extending last week's losses caused by gains in the US dollar.
New York's main contract, light sweet crude for April delivery, was down 63 cents to 80.05 dollars a barrel.
London's Brent North Sea crude for May delivery shed 42 cents to 79.46 dollars a barrel.
"The market's downward movement today is likely due to the fallout from the market's sentiment on Friday," said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney.
The oil market Friday took a hit from a stronger greenback, which sent the New York contract slumping 1.52 dollars, briefly dropping below the psychological barrier of 80 dollars per barrel.
A stronger US unit makes dollar-denominated crude more expensive for buyers using weaker currencies and so tends to dampen oil demand and prices.
Prices fell sharply last week as investors sought the safe-haven greenback on uncertainty over international assistance for debt-plagued Greece.
New York's main contract, light sweet crude for April delivery, was down 63 cents to 80.05 dollars a barrel.
London's Brent North Sea crude for May delivery shed 42 cents to 79.46 dollars a barrel.
"The market's downward movement today is likely due to the fallout from the market's sentiment on Friday," said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney.
The oil market Friday took a hit from a stronger greenback, which sent the New York contract slumping 1.52 dollars, briefly dropping below the psychological barrier of 80 dollars per barrel.
A stronger US unit makes dollar-denominated crude more expensive for buyers using weaker currencies and so tends to dampen oil demand and prices.
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Prices fell sharply last week as investors sought the safe-haven greenback on uncertainty over international assistance for debt-plagued Greece.
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