Oil falls to below $99 in Asia

Oil prices fell below $99 a barrel Monday in Asia as crude became more expensive for investors with other currencies amid a US dollar rally. Benchmark crude for June delivery was down 84 cents to $98.81 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract settled at $99.65 per barrel Friday, up 68 cents. In London, Brent crude for June delivery was down 44 cents to $113.39 a barrel on the ICE Futures exchange. In other Nymex trading in June contracts, heating oil fell 1.6 cents to $2.93 a gallon and gasoline dropped 0.7 cent to $3.01 a gallon. Natural gas futures were steady at $4.25 per 1,000 cubic feet. Analysts said the dollar continued to climb against the euro as it fell to $1.4089 from $1.4110 late Friday. The euro reached $1.49 earlier this month. Crude became more expensive for investors with other currencies due to the existing condition, analysts added. Analysts said investors are also watching closely for any impact on US President Barack Obama’s statement in which he said the US would ramp up oil production by extending existing leases in the Gulf of Mexico and off Alaska''s coast and holding more frequent lease sales in a federal petroleum reserve in Alaska. On Friday, Light sweet crude for June delivery closed at $99.65 a barrel while Brent crude in London ended at $113.83 a barrel on the ICE Futures exchange.