The rising U.S. dollar pushed down prices of crude oil futures on Monday, according to Bloomberg.
The rise in value of the U.S. dollar is directly attributable to Japanese officials stepping in to water down the strength of the yen, the monetary unit of the globe's third largest economy. The U.S. economy is the largest while that of China places second.
"The dollar and the equities are the primary drivers and this situation will remain in place," research director Kyle Cooper with IAF Advisors in Houston told Bloomberg. "People realized that all the euphoria last week has not in any way solved the problem in Europe."
At 11:25 a.m. on Monday, crude oil futures dropped 0.61 percent, a 0.67 cent slip to $109.24 per barrel.
Daily Markets reports Jun Azumi, finance minister of Japan, said the nation will continue exercising strategies of economic intervention as long as it takes to be pleased with results.
Crude oil futures have gained 16 percent thus far this month, representing the largest increase since May 2009.
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