COLUMBUS, Ohio — Benchmark crude for July delivery fell nearly 3 percent, or $2.06, on Monday to $69.98 a barrel on the New York Mercantile Exchange as the dollar gained strength.
COLUMBUS, Ohio — Benchmark crude for July delivery fell nearly 3 percent, or $2.06, on Monday to $69.98 a barrel on the New York Mercantile Exchange as the dollar gained strength. On Friday, crude fell 64 cents to settle at $72.04. The dollar mostly rose Monday after the Russian finance minister voiced his support for the currency, even as the U.S. government said foreigners’ dollar-denominated holdings fell in April. Sliding stock markets also fueled dollar buyers. Meanwhile, U.S. gas prices rose Monday for the 48th straight day, matching a record for this decade, with prices now up nearly two-thirds since the beginning of the year even as demand for gas remains weak. Prices at the pump rose 0.6 cents to $2.669 a gallon, according to auto club AAA, Wright Express and Oil Price Information Services. Prices are a nickel above where they were a week ago and 30.8 cents above month-ago levels, but remain $1.408 below year ago levels. Consumers are now paying about $1 billion a day for gasoline compared with about $600 million a day over New Year’s weekend and $1.5 billion a day or more a year ago, according to Tom Kloza, publisher and chief oil analyst at Oil Price Information Service. The more than 60 percent increase in prices so far this year exceeds anything going as far back as the 1970s, Kloza said. The good news is that prices look like they may be peaking. Wholesale gasoline prices in the Chicago area have fallen about 30 cents a gallon from just 10 days ago, he said. In other Nymex trading, gasoline for July delivery fell 3 cent to $2.0135 a gallon, and heating oil fell 4.1 cents to $1.7965. Natural gas for July delivery rose 18.8 cents to $4.045 per 1,000 cubic feet. In London, Brent prices fell $1.57 to $69.35 a barrel on the ICE Futures exchange. Associated Press writers Pablo Gorondi in Budapest, Hungary, and Alex Kennedy in Singapore contributed to this report. ______ Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
About Post Author
