TOKYO (MarketWatch) -- Crude-oil futures fell below $68 a barrel in Globex electronic trading Monday, extending losses seen in the previous session as demand for energy remained weak.
Crude for July delivery fell 45 cents to $67.98 a barrel on Globex by Monday afternoon in Tokyo, after touching a low of $67.78.
Prices had briefly topped $70 a barrel on Friday, but finished that day's session with a loss of 0.5% -- though still up 3.2% for the week.
The oil market on Friday was "torn between the negative effects of a stronger U.S. dollar and the positive effects from a better-than-expected U.S. non-farm payrolls," analysts at Credit Suisse wrote in a note to clients Monday.
"The strong influence of currency movements on the oil prices is ... a sign that the market is currently dominated by speculation," they said. Oil prices have moved ahead of fundamentals, but further price declines are "possible as actual demand remains weak," Credit Suisse said.
Traders also eyed the rise in U.S. retail gasoline prices. The average price for a gallon of regular gas climbed to $2.613 on Sunday, according to AAA's Daily Fuel Gauge Report. That's up 11 cents from a week ago and up 20% from a month ago, data showed.
