Crude drops toward $68 on stronger dollar

• Source: xinhua
• [09:50 June 09 2009]
• Comments

US crude futures dropped toward 68 US dollars a barrel on Monday as the dollar strengthened against a basket of major currencies.

Light, sweet crude for July delivery fell 35 cents to settle at68.09 dollars a barrel on the New York Mercantile Exchange.

Meanwhile, on the foreign exchange market, the dollar jumped against a basket of currencies, extending Friday's gains and exerting downward pressure on the price of oil.

Crude prices were also weighted by the performance of the stock market, which dipped into negative territory on Monday

In London, Brent crude for July settlement lost 46 cents to 67.88 dollars a barrel on the ICE Futures exchange.