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Oil falls as Cyprus bailout details rattle markets

Published on NewsOK Modified: March 18, 2013 at 8:24 am •  Published: March 18, 2013

"In the short term the pressure is likely to continue as further financial investors are expected to withdraw from the market," Commerzbank said.

On Monday, the euro slid against the dollar and other major currencies. A stronger dollar pushes down oil prices, making crude more expensive for traders using other currencies. The euro was down to $1.2929 from $1.3080 late Friday in New York.

Brent crude, used to price many kinds of oil imported by U.S. refineries, was down $1.56 to $108.26 per barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Wholesale gasoline lost 4.65 cents to $3.1038 a gallon.

— Heating oil fell 3.29 cents to $3.9977 a gallon.

— Natural gas added 6.4 cents to $3.936 per 1,000 cubic feet.


Pamela Sampson in Bangkok contributed to this report.