Crude oil price dips slightly

By The Associated Press Published: January 7, 2014
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In brief

Dollar's rise hurts crude

The price of oil slipped again Monday following a weeklong plunge.

Benchmark U.S. oil for February delivery fell 30 cents to $93.66 in midday trading Monday in New York. On Friday, the contract fell $1.48, a decline that pushed the price 6.4 percent lower for the week. Brent crude, used to price international crude processed by many U.S. refineries, fell 11 cents to $106.78 in London.

Crude prices are falling because global supplies appear strong enough to meet demand in the U.S., the world's biggest consumer.

An improving economy led the Federal Reserve to begin winding down its stimulus program, which had propped up oil prices. The end of stimulus is leading to a stronger dollar, which makes commodities such as oil that are priced in dollars less attractive to buyers using other currencies.

Also, protests at one of Libya's largest oil fields reportedly ended last week, which could allow the field to restart production.

Associated Press

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