Crude-oil futures declined for a third day Thursday as strength in the dollar reduced commodities' appeal as an investment alternative.
Crude for June delivery dropped 94 cents, or 0.8 percent, to settle at 112.52 dollars a barrel on the New York Mercantile Exchange.
As the dollar has gained strength this week, oil futures have declined more than 7 dollars from their highs to their lowest levels since April 14.
Meanwhile, a strike that cut production at an Exxon Mobil Corp. facility in Nigeria ended Thursday, giving investors another reason to sell.
Analysts warned that the drop in oil might be temporary as the dollar could gain strength any time. The dollar's protracted decline has been a major factor boosting oil prices from about 64 dollars a year ago, and dollar's further weakening could easily drive high prices of crude futures.
Source: Xinhua
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