(RTTNews) - The price of crude oil fell for a second session Monday morning, slipping near $71 amid a generally firm dollar.
Light Sweet Crude Oil (WTI) futures for July delivery were down $0.33 to $71.18 a barrel.
Oil shed over 4% on Friday, recording its biggest percentage decline in four months, after the U.S. reported a smaller-than-expected increase in non-farm payrolls.
Also, fresh worries over the euro zone debt situation weighed on sentiment after a spokesman for Hungarian Prime Minister was quoted as saying the nation's economy is in a "grave situation".
Meanwhile, the U.S. dollar advanced to a fresh 4-year high versus the euro amid lingering worries over the euro zone debt situation. The greenback was leveling off from recent highs versus the yen.
This week traders will look to weekly crude oil inventories data from the API and the EIA apart from jobless claims data from the U.S. Labor Department. Also, movements in the equities and currency markets will be closely watched to get clues on investors' sentiment over the economy.
