Oil prices resume fall

AFP, LONDON: Oil prices fell yesterday as an increase in US drilling activity and a strong dollar reversed gains won thanks to a better-than-forecast US jobs report.
The commodity eked out modest gains Friday after data showed the world's top economy created 287,000 jobs in June following a dismal rise in May.
However, the gains -- which were small compared to a near five percent drop the day before -- were wiped out Monday as the number of active US drilling rigs, a barometer of future output, rose to a 12-week high of 351 last week, traders said.
Around 1200 GMT, US benchmark West Texas Intermediate for delivery in August was down 30 cents at $45.11 a barrel compared with Friday's close. Brent North Sea crude for September delivery lost also 30 cents to stand at $46.46 a barrel.
A strong dollar, which got a boost from the US employment numbers, added downward pressure on crude. A strong greenback makes dollar-priced commodities like oil more expensive for those using other currencies.

Oil prices resume fall

AFP, LONDON: Oil prices fell yesterday as an increase in US drilling activity and a strong dollar reversed gains won thanks to a better-than-forecast US jobs report. The commodity eked out modest gains Friday after data showed the worlds top economy created 287,000 jobs in June following a dismal rise in May. However, the gains -- which were small compared to a near five percent drop the day before -- were wiped out Monday as the number of active US drilling rigs, a barometer of future output, rose to a 12-week high of 351 last week, traders said. Around 1200 GMT, US benchmark West Texas Intermediate for delivery in August was down 30 cents at $45.11 a barrel compared with Fridays close. Brent North Sea crude for September delivery lost also 30 cents to stand at $46.46 a barrel. A strong dollar, which got a boost from the US employment numbers, added downward pressure on crude. A strong greenback makes dollar-priced commodities like oil more expensive for those using other currencies.