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Oil prices fall on stronger dollar, U.S. shale drilling recovery

Xinhua, February 7, 2017 Adjust font size:

Oil prices fell Monday on stronger dollar and rising U.S. shale drilling activity.

The dollar edged up against most major currencies on Monday amid concerns over political uncertainty in Europe ahead of elections.

A stronger dollar makes greenback-dominated commodities like crude oil more expensive to holders of other currencies.

Meanwhile, the U.S. rig count last week was up 17 to 583. Investors have already been very concerned about increasing U.S. drilling activity, as it would give rise to U.S. oil production.

The West Texas Intermediate for March Delivery erased 0.82 dollars to settle at 53.01 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery decreased 1.09 dollars to close at 55.72 dollars a barrel on the London ICE Futures Exchange. Enditem