LONDON (SHARECAST) - Oil prices fell on Monday, in a choppy session, as the EU approved a €30bn standby aid package for Greece, the dollar moved lower against major currencies and amid lingering concern about rising crude inventories.
Crude oil for May delivery dipped 58 cents to settle at $84.34 a barrel on the New York Mercantile Exchange, marking its fourth consecutive decline.
Recent data from the Energy Information Administration showed demand levels are still below historical average. Many analysts have argued that oil prices, which have risen around 70% in the last year, have now risen too far and do not reflect the rate of economic recovery.
Traders will be looking ahead to this week’s inventory data from the EIA and the American Petroleum Institute and US economic data such as jobless claims, consumer price index and retail sales.
Gold for June delivery advanced 30 cents to $1,162.20 an ounce on the Comex division of the New York Mercantile Exchange.
The precious metal shrugged off earlier weakness to end at a fresh four month high as investors seek its safe haven qualities at the start of the first quarter earnings season.
