Oil prices lower in Asia on stronger dollar

Oil prices lower in Asia on stronger dollar SINGAPORE -- World oil prices eased in Asian trading Tuesday on the back of a slightly stronger US currency, dealers said. New York's main contract, light sweet crude for August delivery, was off 41 cents to $144.77 a barrel from Monday's close of $145.18 at the end of US trading hours. Brent North Sea crude for August delivery dropped 24 cents to $143.68 a barrel. "The dollar rally has put some downward pressure on oil," said Victor Shum, a Singapore-based analyst with energy consultancy Purvin and Gertz. A strengthening greenback can make oil less affordable for buyers using other currencies, potentially curbing demand and crude prices. But dealers expect a limited dip in crude prices because of supply concerns and geopolitical tension in the oil-rich Middle East over Iran's... [read full story]