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Oil Prices Slide as Dollar Strengthens

AFP -- LONDON — Oil prices slumped on Monday, with New York crude striking five-month lows, as the dollar strengthened against the euro on mounting worries over Europe's debt crisis, traders said.

New York's main contract West Texas Intermediate crude for delivery in June was down $1.99 at $94.14 a barrel. Earlier Monday it hit $93.65 -- the lowest point since mid-December.

A stronger US currency makes dollar-denominated oil more expensive for buyers using the euro, denting demand for crude.

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Submitted May 14, 2012 By: Eugene_C

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PathfinderSC Champion Author South Carolina Posts:9,526 Points:1,832,590 Joined:Mar 2008	Message Posted: May 14, 2012 4:58:59 PM Ignore PathfinderSC Report Abuse That is good.
qwerty17 Champion Author New Jersey Posts:3,660 Points:1,119,625 Joined:Oct 2009	Message Posted: May 14, 2012 3:22:13 PM Ignore qwerty17 Report Abuse "dollar strengthens"? haven't seen those 2 words together for a while.
ObieDog Champion Author Maryland Posts:1,976 Points:853,845 Joined:Sep 2010	Message Posted: May 14, 2012 11:37:52 AM Ignore ObieDog Report Abuse Woop woop.
Rehorsehay All-Star Author California Posts:871 Points:45,925 Joined:Feb 2012	Message Posted: May 14, 2012 11:32:12 AM Ignore Rehorsehay Report Abuse Gas prices up on the central coast of California? [Edited by: Rehorsehay at 5/14/2012 12:32:40 PM EST]
Penny_Pincher Veteran Author Columbus Posts:435 Points:22,695 Joined:Aug 2005	Message Posted: May 14, 2012 11:25:51 AM Ignore Penny_Pincher Report Abuse I'll take it.
blueBMW480 Champion Author Nashville Posts:818,391 Points:842,690 Joined:Jan 2011	Message Posted: May 14, 2012 10:58:44 AM Ignore blueBMW480 Report Abuse Great
sciotosix Champion Author Dayton Posts:2,759 Points:668,075 Joined:Apr 2011	Message Posted: May 14, 2012 10:56:16 AM Ignore sciotosix Report Abuse Finally some good news.
rjojo40 Champion Author Las Vegas Posts:7,391 Points:1,077,590 Joined:Feb 2004	Message Posted: May 14, 2012 10:52:32 AM Ignore rjojo40 Report Abuse With a stronger dollar should we not see the index drop?
TripleHs Champion Author Austin Posts:3,355 Points:918,840 Joined:Oct 2009	Message Posted: May 14, 2012 10:48:52 AM Ignore TripleHs Report Abuse energy prices are too high
deputydog082 Champion Author Detroit Posts:1,795 Points:662,270 Joined:Apr 2011	Message Posted: May 14, 2012 10:34:02 AM Ignore deputydog082 Report Abuse the dollar is stronger why?
des7902 Veteran Author Virginia Posts:385 Points:212,240 Joined:May 2011	Message Posted: May 14, 2012 10:31:32 AM Ignore des7902 Report Abuse This is a good thing.
Tehbob Champion Author California Posts:2,306 Points:459,555 Joined:Jan 2012	Message Posted: May 14, 2012 10:19:08 AM Ignore Tehbob Report Abuse hopefully it holds
ErnieK9LO Champion Author North Dakota Posts:2,696 Points:545,930 Joined:Nov 2010	Message Posted: May 14, 2012 9:49:03 AM Ignore ErnieK9LO Report Abuse It is about time.
Eugene_C Champion Author Columbus Posts:2,299 Points:155,995 Joined:Mar 2004	Message Posted: May 14, 2012 9:43:45 AM Ignore Eugene_C Report Abuse A weaker euro, by default, makes for a stronger dollar.
drpepperTX Champion Author Texas Posts:8,953 Points:754,120 Joined:Apr 2011	Message Posted: May 14, 2012 9:32:31 AM Ignore drpepperTX Report Abuse Dated Brent Spot 110.77 -1.28 -1.15% 10:26 ET WTI Cushing Spot 94.31 -1.82 -1.89% 09:11 ET Nymex RBOB Gasoline Future 295.54 -4.54 -1.51% 10:16 ET
OTISFL Champion Author Pensacola Posts:4,620 Points:867,765 Joined:Apr 2009	Message Posted: May 14, 2012 9:22:27 AM Ignore OTISFL Report Abuse Prices dropping here but surely not fast enough.
jorobins538 Champion Author Chicago Posts:4,732 Points:638,320 Joined:Sep 2009	Message Posted: May 14, 2012 9:20:20 AM Ignore jorobins538 Report Abuse ok
Jkent1953 Champion Author Salt Lake City Posts:2,001 Points:442,885 Joined:Dec 2011	Message Posted: May 14, 2012 9:17:45 AM Ignore Jkent1953 Report Abuse A warning about what will happen to the dollar if our economic policies don't change.
cricket48750 All-Star Author Michigan Posts:802 Points:415,080 Joined:May 2011	Message Posted: May 14, 2012 8:58:19 AM Ignore cricket48750 Report Abuse Should we actually say "dollar strengthening" or should we say "euro weakening?"
Eugene_C Champion Author Columbus Posts:2,299 Points:155,995 Joined:Mar 2004	Message Posted: May 14, 2012 8:38:58 AM Ignore Eugene_C Report Abuse Gas prices have been dropping here for nearly a month, Dennis. We went from the 3.90's to the 3.40's. Takes a while for the 30-day delivery contracts to catch up.
Dennis783 Champion Author Des Moines Posts:13,604 Points:2,705,835 Joined:Sep 2005	Message Posted: May 14, 2012 8:34:14 AM Ignore Dennis783 Report Abuse so where is the drop in gas prices?
Eugene_C Champion Author Columbus Posts:2,299 Points:155,995 Joined:Mar 2004	Message Posted: May 14, 2012 8:31:37 AM Ignore Eugene_C Report Abuse @gasrat: Since commodities are priced in dollars, the recent price declines suggest that the dollar is rising against the global average.
gasrat6083 Champion Author Long Island Posts:3,499 Points:1,165,055 Joined:Sep 2005	Message Posted: May 14, 2012 8:29:03 AM Ignore gasrat6083 Report Abuse As dollar strengthens? They mean as the euro weakens.
farmboyTN Champion Author Tennessee Posts:2,272 Points:451,260 Joined:Feb 2012	Message Posted: May 14, 2012 8:27:33 AM Ignore farmboyTN Report Abuse ok
davenles Champion Author Texas Posts:3,206 Points:720,610 Joined:May 2011	Message Posted: May 14, 2012 8:21:24 AM Ignore davenles Report Abuse But yet gas prices are slow to fall.
Skunk63 Champion Author Phoenix Posts:2,562 Points:560,245 Joined:Oct 2011	Message Posted: May 14, 2012 8:14:51 AM Ignore Skunk63 Report Abuse This story has more to do with the euro than the strength of the US dollar.
Joeski1 Champion Author New Jersey Posts:10,012 Points:1,743,785 Joined:Dec 2004	Message Posted: May 14, 2012 8:12:48 AM Ignore Joeski1 Report Abuse won't last... just a lil suck you all in before the next peak.
scu227 Champion Author New Haven Posts:4,162 Points:773,830 Joined:Feb 2011	Message Posted: May 14, 2012 8:10:48 AM Ignore scu227 Report Abuse Keep on dropping !!!
Ken2OD Champion Author Grand Rapids Posts:9,077 Points:1,972,915 Joined:Dec 2005	Message Posted: May 14, 2012 8:09:26 AM Ignore Ken2OD Report Abuse Alaska North Slope Crude closed at $112.03 on Friday. And, Alaska engineers have discovered another 50 million barrels of oil at the Oooguruk Island site in the Beaufort Sea. This is an artificial island near the mouth of the Colville River near the Village of Nuiqsut. Test have shown that 2000 barrels a day are possible from this new oil source. That is 68-1/2 years of production from this one well.
Ouch06 Champion Author Michigan Posts:1,618 Points:1,433,355 Joined:Apr 2006	Message Posted: May 14, 2012 8:06:03 AM Ignore Ouch06 Report Abuse More good news. :)