BANGKOK (AP) — The price of oil slipped back below $97 a barrel today after a sharp rise the day before as supply remains ample and demand tepid.
Benchmark oil for March delivery was down 30 cents to $96.70 at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract on Monday gained $1.31 to finish at $97.03 a barrel on the Nymex as the euro strengthened against the dollar.
A strong euro tends to result in higher oil prices by making crude priced in dollars cheaper for traders using currencies other than the greenback.
