The benchmark crude for May delivery fell 92 cents to $ 84.20 a barrel at the close of trading on the New York Mercantile Exchange (Nymex). During the morning session, came up to $ 85.63 as the investors” growing optimism about the U.S. economy pushed stock prices and commodity contracts.
On Friday, the contract gained $ 1.42 to close at $ 85.12.
“The economic data stronger than expected in the receipt of orders and home sales in the U.S. have raised hopes that the economic recovery of the largest consumer of oil in the world is gaining momentum, “Commerzbank said in a report from Frankfurt.
gains experienced by the dollar, however, were limiting oil prices making fuel more expensive for those investors holding other currencies.
&af88mp;lt;/p> The euro fell to $ 1.3331 from $ 1.3390 to which was quoted on Friday in New York.
Oil prices have doubled in the last year due to several economic indicators and a resurgent stock market suggest that the recession ended and energy consumption will increase, particularly in emerging markets like China and Latin America.
Despite the growing corporate profits, the unemployment rate remains high and demand for oil in the United has yet to recover strongly.
“The oil reserves are still high,” said analyst Victor Shum at consultancy Purvin Gertz in Singapore.
In other Nymex stock quotes for contracts May heating oil fell 1.34 cents to $ 2.2371 a gallon and gasoline fell 1.22 cents to $ 2.3409 a gallon.
Natural gas rose 0.5 cent to $ 4.262 per 1,000 cubic feet.
In the ICE Futures exchange in London, Brent crude North Sea fell 42 cents to $ 86.83.
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Journalists from The Associated Press Alex Kennedy in Singapore and Pablo Gorondi in Budapest contributed to this report.