Crude oil falls to $71 as the dollar gains strength and demand falls

Crude oil is trading at 471.30 as of 8:14am, GMT, with a bullish trend

Oil prices hovered near a seven-week low of about $71 a barrel on Monday as fears about an escalating euro zone debt crisis continued to cast a pall on the market. However, a cold snap in the U.S. mid-Atlantic region, an area heavily dependent on home heating oil and natural gas supplies, and escalating tensions between Iran and western nations continued to support prices. “The cold weather in the United States is offering some support, although people may be less hopeful about a weather-related fuel demand spike after having seen bearish U.S. crude inventory reports the past few weeks,” said Ben Westmore, a commodities analyst at the National Australia Bank. Crude oil is trading at 471.30 as of 8:14am, GMT, with a bullish trend. Crude