LONDON (SHARECAST) - Crude oil fell on Monday settling around $70 a barrel as the dollar continued to gain against major currencies and US equities registered triple digit losses as economic data rekindled fears about the global downturn. US light crude oil for July delivery dropped $1.42 to settle at $70.62 a barrel on the New York Mercantile Exchange. The Empire State index's measure of manufacturing in the New York area fell 5 points to -9.4 in June. In the previous month, the index was -4.55. New orders remained negative at -8.15 but better than May's -9.01. Meanwhile reports of violence in Iran following the elections failed to stir up demand for oil as commodity prices fell across the board. The major oil producing country is holding an investigation into the election after accusations of ballot fraud. The resurgent dollar took gold futures to their lowest level in over three weeks on Monday. COMEX gold for August delivery fell $13.20 to settle at $927.50 an ounce. July silver fell 84.5 cents to $14.03 an ounce while July platinum declined $45 to $1,213.70 an ounce.

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