Oil prices slipped slightly as the U.S. dollar rebounded

Oil prices slipped slightly as the U.S. dollar rebounded against major currencies on Monday.

Crude futures initially rose to near 83.50 U.S. dollars a barrel in early trading session but fell below 82.66 dollars through mid-day trading as the dollar strengthened, despite a strike at a key French oil port continued for the third week.

U.S. government offices are closed for the Columbus Day holiday and there are no economic indicators scheduled for release. The commodities and stock markets are open, but the bond markets are closed.

Last week, crude futures advanced for the third straight week as the dollar continued to decline against major currencies due to market’s expectation on Fed’s new round of quantitative easing policy.

Light, sweet crude for November delivery fell 45 cents to settle at 82.21 dollars a barrel on the New York Mercantile Exchange.

Brent crude for November delivery fell 31 cents to 83.72 dollars a barrel on the International Futures Exchange in London. (PNA/Xinhua)

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