Oil News

The dollar extended gains against a basket of currencies, after posting its largest one-day gain in more than five months on Friday

Crude Oil falls to $66 a barrel on Dollar strength

The dollar extended gains against a basket of currencies, after posting its largest one-day gain in more than five months on Friday

Oil fell by more than $1 to below $68 a barrel on Monday as a stronger U.S. dollar and profit-taking prompted a retreat from a seven-month high above $70 hit last week. The dollar extended gains against a basket of currencies, after posting its largest one-day gain in more than five months on Friday on data showing the pace of U.S. job losses slowed sharply in May, prompting fears of an earlier-than-expected rise in U.S. interest rates. A stronger dollar makes commodities such as oil, which is denominated in the currency, look more expensive to holders of other currencies. Crude Oil is trading at $67.15 as of 9:30am, London Time. Crude’s Pool-Position is 91% Long, meaning that most Finotec traders are buying the commodity.

Derivative and forex trading broker Finotec is a division of leading real-time Internet trading company Finotec Trading Inc, which pioneered the world of online forex trading in 1998. After launching our revolutionary forex online trading platform in 2001, we continued to improve our services and now serve clients of all sizes in many locations worldwide, offering them real-time Internet trading not only in currencies, but also in options, commodities,... More