Oil falls to lowest level in over a month

August 4, 2011 - 9:45 AM

NEW YORK (AP) — Oil is tumbling to the lowest level in more than a month as the dollar strengthened.

Benchmark West Texas Intermediate crude for September delivery fell $1.51 to $90.41 in morning trading on the New York Mercantile Exchange. Brent crude, used to price many international oil varieties, dropped $2.03 to $111.20 per barrel on the ICE Futures exchange in London.

Oil slipped early in the day as the dollar rose against other major currencies. Oil, which is priced in dollars, tends to fall as the dollar rises and makes crude more expensive for investors holding foreign money.

The greenback was stronger versus the yen in particular, following a move by Japan's central bank to weaken its currency.

Gasoline pump prices held steady at a national average of $3.703 per gallon.