World Business

Oil retreats as Greece concern boosts dollar

(Xinhua)
Updated: 2010-04-27 10:41
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NEW YORK: Oil prices retreated toward $84 a barrel on Monday as Greece debt worries sent the dollar rising.

Oil fell for the first time in five days on Monday. On Friday, Greece announced that it would tap a multi-billion-dollar rescue plan that was designed to prevent the nation from defaulting on its sovereign debt payment in May.

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However, investors remained concerned that Greece's debt problems could spread to other debt-ridden European nations and endanger the fragile global recovery.

The worries pushed the dollar higher against the euro. Usually a strengthening greenback limits energy commodities' appeal as an alternative investment.

Light, sweet crude for June delivery fell 92 cents to settle at $84.20 a barrel on the New York Mercantile Exchange.

In London, Brent crude for June delivery fell 59 cents to $86.66 a barrel on the ICE Futures Exchange.

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