Oil slightly falls on mixed earnings

Oil&Gas Materials 26 April 2011 06:50 (UTC +04:00)

U.S. crude oil price fell slightly on Monday as mixed earnings reports dragged stock markets and worried investors, Xinhua reported.

The oil price has kept soaring for the past few sessions, however, with mixed first quarter earnings reports weighed on the stock markets on Monday, the oil price snapped its wining streak.

Also, investors worried that the surging oil price could hurt the demand, which attributed to the halt of the oil price rally.

However, ongoing unrest in the Middle East and North Africa, alongside a weaker dollar, still provided strong support for oil prices.

Investors began to shift their attentions to possible adjustment of U.S. monetary policies as Federal Reserve's monetary policy meeting starts on Tuesday.

Light, sweet crude for June delivery fell 1 cent to settle at 112.28 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for June delivery last traded around 123 dollars a barrel.