Oil falls more than 1% on strong dollar, supply concerns

Oil dropped more than 1 percent on Monday, with Brent slipping below $62 a barrel, depressed by a stronger dollar and a rise in Libya’s crude output.



Brent crude hit a low of $61.78 a barrel and was at $61.96 by 0801 GMT, down 62 cents. Front-month prices jumped 18 percent in February, the largest monthly rise since May 2009. US crude dropped 70 cents to $49.06 a barrel after rising 3 percent last month.



Some analysts said in a Reuters survey that oil prices have probably touched a bottom and should recover in the second half of 2015 as the collapse in the market over the last year begins to curb production.



Iraq’s oil minister, Adel Abdel Mehdi, said on Sunday he expected to see a barrel of crude selling at around $65.



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Posted in: Indian Market Tips