Oil prices fall
NEW YORK, United States — OIL fell yesterday because of a stronger dollar and expectations that US supplies are rising.
The dollar gained ground against the euro and other major currencies. Oil is priced in dollars and it becomes less attractive to investors with foreign currencies as the dollar gets stronger.
Benchmark West Texas Intermediate crude for June delivery fell 91 cents to US$112.61 per barrel in morning trading on the New York Mercantile Exchange. In London, Brent crude dropped US$1.27 to US$123.85 per barrel.
Predictions that the Energy Department will today say that crude oil supplies grew last week also pushed down the price. Analysts surveyed by Platts, the energy information arm of McGraw-Hill, expect that US oil supplies increased by 1.7 million barrels.
