U.S. crude settled below $78 a barrel on Monday. Brent crude also dropped, with both reversing early gains as U.S. dollar strength outweighed worries about conflict in Libya and Ukraine.
The dollar rose 0.2 percent against a basket of currencies on Monday, regaining ground after dropping in European trade. Recent dollar strength has made oil and other commodities more expensive for holders of other currencies, suppressing demand.
Persistent concerns about a global surplus of crude amid signs of slowing growth has also pressured oil prices, which have fallen nearly 30 percent since June.
http://www.cnbc.com/id/102167415#.
The dollar rose 0.2 percent against a basket of currencies on Monday, regaining ground after dropping in European trade. Recent dollar strength has made oil and other commodities more expensive for holders of other currencies, suppressing demand.
Persistent concerns about a global surplus of crude amid signs of slowing growth has also pressured oil prices, which have fallen nearly 30 percent since June.
http://www.cnbc.com/id/102167415#.
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