Oil prices fell below $71 a barrel Monday in Asia as a three-month rally lost steam amid a strengthening dollar.
Benchmark crude for July delivery fell $1.32 to $70.72 a barrel by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. On Friday, it fell 64 cents to settle at $72.04.
Oil prices have more than doubled since March in part on expectations that massive U.S. fiscal and monetary stimulus will hasten a decline of the dollar. Investors often buy crude and other commodities as a hedge against the possibility of inflation.
The euro weakened to $1.3879 on Monday from $1.4015 on Friday.
Traders are …
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