TOKYO: Saudi Arabia s assurance of enough oil supply coupled with dollar s surge saw crude oil prices fell on Monday.
At one point US light sweet crude fell to $100.02 per barrel, adding to last week's 8% loss. Commodities, including oil have been sensitive to changes in the dollar's value and the latest rebound for the dollar has weakened oil prices.
Saudi Arabia on Sunday said that it is investing in oil infrastructure to help meet future demand. The kingdom has been under pressure from the US to help ease soaring oil prices.
Analysts say that speculators, who have helped drive up the price of oil, are taking the opportunity to cash in on their gains.