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.