Oil futures slip in Asian trade as dollar rises - MarketWatch

Ben Potter, market strategist at IG Markets, said “oil has had a very good run” and the slight rally in the U.S. dollar contributed to a dip in crude prices.

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There had been some market speculation that the death of Osama bin Laden would prompt a selloff in crude on a reduced risk-premium attached to prices, but oil settled just 0.4% lower in North American trading following the news Monday. Analysts at MF Global wrote in a research note that bin Laden’s death was unlikely to result in sustained weakness in energy prices, given it doesn’t alter the key drivers that have pushed energy prices higher for the past several months. Those drivers include “continued tensions in the Middle East, the ongoing stalemate in Libya, the weak U.S. dollar and record fund length flowing into the crude-oil market,” they said.

Oil futures slip in Asian trade as dollar rises - MarketWatch