AFP - World oil prices slipped on Monday, after heavy losses last week, as traders eyed the stronger dollar amid ongoing jitters about the economic impact of the eurozone debt crisis, analysts said.
New York's main contract, light sweet crude for delivery in July, fell 30 cents to 70.34 dollars a barrel in late morning trade.
London's Brent North Sea crude for July eased ten cents to 71.58 dollars per barrel.
The euro meanwhile dipped to 1.2431 dollars on Monday, as the eurozone crisis cast a shadow over the outlook of the shared European currency.
A stronger US unit makes dollar-priced crude more expensive for buyers using weaker currencies, denting demand, which leads to lower prices.
Crude oil had plunged in value last week, nearing 10-month lows, as traders worried about the eurozone crisis, weak US unemployment data and falling global share prices.
The European single currency had plummeted last week to a four-year dollar low, as fears grew about massive debt and high public deficits in the eurozone.
Oil market analysts said that supply still outweighed demand, while the European debt crisis remains a key concern for investors.
"Globally we still have very high product and crude stock, and not many signs that demand outside of China is really strong," Feer said.
Victor Shum, senior principal of energy consultants Purvin and Gertz in Singapore, said oil prices are likely to remain subdued.
"I think it's going to take some time for investors to regain confidence. Given the financial turmoil in Europe, it's unlikely for oil to rebound quickly," Shum said.
