Crude Falls As Dollar Gains Strength

COLUMBUS, Ohio (AP) — Benchmark crude for July delivery fell $1.42 to settle on Monday at $70.62 a barrel on the New York Mercantile Exchange as the dollar gained strength.

On Friday, crude fell 64 cents to settle at $72.04.

Energy prices, like some other commodities, had been rising fast on speculation that the U.S. economy is recovering from its longest recession since World War II. But they reversed course late last week as worries sufaced over the recovery's durability.

Meanwhile, a recovering dollar also has given traders a reason to move out of commodities, which are often used to hedge against a weakening U.S. currency.

The dollar mostly rose Monday after the Russian finance minister voiced his support for the currency, even as the U.S. government said foreigners' dollar-denominated holdings fell in April.

Sliding stock markets also fueled dollar buyers.

Also Monday, U.S. gas prices rose for the 48th straight day, matching a record going back to at least the 1970s, with prices now up nearly two-thirds since the beginning of the year even as demand for gas remains weak.