By Virginia Harrison, MarketWatch
SYDNEY (MarketWatch) — Benchmark U.S. crude-oil futures fell in electronic trading early Monday, as euro-zone concerns revived with Greece yet to reach a deal with its private-debt holders.
Crude for March delivery CL2H -0.35% lost 32 cents, or 0.3%, to $98.01 a barrel on the New York Mercantile Exchange during Asian trading hours.
The softer start to the trading week extended a 0.2% loss for crude last week, with ongoing European debt worries, as well as a possibly deepening slowdown in China, discouraging investors. Read more about Friday's oil session.
Talks over a restructuring of Greek sovereign debt by private-sector creditors failed to reach resolution over the weekend.
Greece needs to seal a deal with its private bond-holders before it can receive more financial assistance and avoid defaulting on a bond repayment due in March.
A firmer dollar also added downward pressure to crude prices. The dollar index DXY +0.21% , which measures the greenback against a basket of six other currencies, rose to 80.337, from 80.148 in North American trade late Friday.
A stronger greenback can deter buyers of dollar-denominated crude oil, as it makes the commodity more expensive to holders of other currencies.
Virginia Harrison is a MarketWatch reporter based in Sydney.
