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| Oil prices fall on dollar rises | Oil prices fall on dollar rises |
| (about 2 hours later) | |
| Oil prices have fallen to just above $100 a barrel, as the dollar's recent slight recovery has helped calm investor enthusiasm for crude. | Oil prices have fallen to just above $100 a barrel, as the dollar's recent slight recovery has helped calm investor enthusiasm for crude. |
| In early Tuesday trading, the benchmark US light crude had fallen 57 cents to $100.29, as it continues to pull back from last week's $111 record high. | In early Tuesday trading, the benchmark US light crude had fallen 57 cents to $100.29, as it continues to pull back from last week's $111 record high. |
| Saudi Arabia's announcement that it plans to increase oil output has also helped calm global prices. | Saudi Arabia's announcement that it plans to increase oil output has also helped calm global prices. |
| The modest dollar gains have also helped gold prices fall back. | The modest dollar gains have also helped gold prices fall back. |
| Continuing dollar fears | Continuing dollar fears |
| In Tuesday morning trading in Europe, one euro was worth $1.5532, compared with last week's record high of $1.5904. | |
| In this situation it's possible we'll see renewed vulnerability of the US dollar at some point David Moore, Commonwealth Bank of Australia | In this situation it's possible we'll see renewed vulnerability of the US dollar at some point David Moore, Commonwealth Bank of Australia |
| Meanwhile, one pound was at $1.992, also down from last week's highs. | Meanwhile, one pound was at $1.992, also down from last week's highs. |
| Yet analysts cautioned that expected further interest rate cuts from the Federal Reserve, the US central bank, could see the dollar fall back again, as oil prices rise as a result. | Yet analysts cautioned that expected further interest rate cuts from the Federal Reserve, the US central bank, could see the dollar fall back again, as oil prices rise as a result. |
| "It's quite possible for the conditions that have pushed oil prices higher to be re-established," said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney. | "It's quite possible for the conditions that have pushed oil prices higher to be re-established," said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney. |
| "US interest rates are low and they will be cut further. | "US interest rates are low and they will be cut further. |
| "In this situation it's possible we'll see renewed vulnerability of the US dollar at some point." | "In this situation it's possible we'll see renewed vulnerability of the US dollar at some point." |
| Gold was trading at $930 per ounce, well below the all-time peak of $1,033.90 seen earlier this month. | Gold was trading at $930 per ounce, well below the all-time peak of $1,033.90 seen earlier this month. |