Oil prices fall after US dollar hits 3-week high

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Today, Monday, oil prices fell, following on from losses suffered on Friday after the US dollar hit its highest level in three weeks.

US West Texas Intermediate crude futures fell 30 cents, or 0.4%, to $ 71.67 a barrel at 12:59 a.m. GMT, after falling 64 cents on Friday, according to Reuters.

Brent crude futures also fell 27 cents, or 0.4%, to $ 75.07 a barrel, after falling 33 cents on Friday.

The drop in oil prices is the result of better-than-expected US retail sales data, which has raised expectations that the US Federal Reserve will start cutting asset purchases later this year.

Prices were also affected by the number of US rigs, although nearly a quarter of US production in the Gulf of Mexico was still closed following two hurricanes.

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