Oil prices fell today as the dollar strengthened against the yen and other major currencies.
Benchmark oil for June delivery was down 83 cents to $95.21 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 35 cents to close at $96.04 a barrel on the Nymex on Friday.
Brent crude, which is a benchmark for many international oil varieties, fell 67 cents to $103.24 a barrel on the ICE Futures exchange in London.
The stronger dollar is causing oil prices to fall, analysts said. The dollar has risen in recent days against the euro and last week passed the 100-yen mark for the first time in four years.
Since oil is traded in dollars, a stronger dollar makes crude and other commodities less appealing to investors with other currencies.
