Light, sweet crude for September delivery fell 33 cents, or 0.5%, to $ 70.60 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange set up nine cents, or less than 0.1%, to $ 73.50 a barrel.
The dollar rose Monday to a one-week high against the euro. A stronger dollar makes crude more expensive for holders of other currencies. The euro was recently at $ 1.4116 versus $ 1.4219.
Crude futures have risen almost 20% since July 13 on expectations of an economic recovery will boost oil demand. Positive data showing the U.S. unemployment fell to a surprising 9.4% in July posted an increase of prices near $ 73 a barrel on Friday, but a rebounding dollar capped gains.
"The current strength of the dollar upward momentum repressed in the oil market," said Stephen Schork, editor of the newsletter The Schork Report energy.
Oil has been caught in a tug of war between bulging inventories of oil and hopes for an economic rebound. Sliding shares, a barometer of economic health, placed further pressure on crude prices. The Dow Jones Industrial Average was recently by 46.53 to 9323.44.
"We will stay at this level until it receives a time event or have a change in supply from OPEC," said Morgan Downey, a commodities trader at Standard Chartered PLC in New York.
The National Hurricane Center is monitoring a pair of storm systems, including one south southwest of Cape Verde that could become a tropical depression over the next two days. Another storm, with a low potential for tropical cyclone formation was near the Windward Islands. Nor are considered to pose a serious threat to energy infrastructure, but serve as a reminder that the normal peak of the hurricane season has arrived.
Meanwhile, the implementation of quotas by the Organization of Petroleum Exporting Countries is deteriorating, according to the latest Dow Jones OPEC-11 survey, dropping to 73% compared with 76% in June, as the producers try to take advantage of high oil prices.
Front-month September reformulated gasoline blendstock, or RBOB, settled up 1.93 cents, or 1%, to $ 2.0274 a gallon. The September heating oil rose 1.54 cents, or 0.8%, to $ 1.9276 a gallon.
More information on settlements and highs and lows for futures on Nymex and ICE platforms can be found by searching for the following headlines:
Nymex Light Crude Oil Close
Nymex Harbor RBOB Gasoline Close
Nymex Heating Oil Close
TCE Brent Crude Oil Close
TCE Gas Oil Close
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