Oil drops on as U.S. dollar rebounds from 2009 low
Oil prices continued to drop on Monday as the U.S. dollar rebounded after striking a new low for the year, Xinhua reported.
Light, sweet crude for October delivery fell 43 cents to settle at 68.86 dollars a barrel on the New York Mercantile Exchange.
The dollar index edged higher on Monday after hitting a new 2009 low of 76.457 points last Friday, exerting downward pressure on the price of oil.
Meanwhile, as U.S. announced to impose special duties on Chinese tires on Friday, investors feared this move would arouse economic tensions between the top two oil consuming countries.
Oil has traded around 70 dollars a barrel for most of the last two months as investors struggle to gauge how robust the recovery will be. Dealers are worried that the current economic conditions can not support a higher oil price.
In London, Brent Crude for October delivery dropped 30 cents to 67.39 dollars a barrel on the ICE Futures exchange.