West TX Oil Drops Below $45 on Strong Dollar

Oil prices fell sharply in early Asian trade on Monday, with U.S. crude dropping more than 2 percent to a six-year low after the dollar hit fresh highs and concerns grew that the United States might run out of oil storage.

Both U.S. crude and Brent have dropped steeply this month on a stronger dollar and worries over an oil supply glut.  U.S. crude fell to $43.57, the lowest since March 2009, while Brent slipped to $53.34 in early trading on Monday after the dollar index closed above 100 on Friday for the first time since April 2003 to hit fresh 12-year highs.

U.S. crude fell to $43.57, the lowest since March 2009, while Brent slipped to $53.34 in early trading on Monday after the dollar index closed above 100 on Friday for the first time since April 2003 to hit fresh 12-year highs.  By 2330 GMT, U.S. crude was down 93 cents, or 2.1 per cent, at $43.91 a barrel, and Brent was down 97 cents at $53.70 a barrel.

CNBC

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