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Oil falls on stronger dollar

New York - Oil is falling as the dollar strengthens and gas pump prices continue to drop.

Benchmark crude for June delivery gave up 69 cents at $97.75 per barrel on Friday morning, the final day for the June contract on the New York Mercantile Exchange. Most of the trading has shifted to the July contract, which lost 71 cents $98.22 per barrel.

Analysts say they're increasingly concerned that high gas pump prices are forcing Americans to drive less, sapping demand in the world's biggest oil-consuming country. Government and industry data show that gasoline demand in the US has slipped for the past two months.

Pump prices started falling two weeks ago. They gave up another 2 cents on Friday, falling to a national average of $3.886 per gallon (less than a dollar a liter).

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Rand - Dollar
19.29
-0.7%
Rand - Pound
23.87
-1.1%
Rand - Euro
20.58
-1.2%
Rand - Aus dollar
12.38
-1.1%
Rand - Yen
0.12
-1.2%
Platinum
943.50
+0.0%
Palladium
1,034.50
-0.1%
Gold
2,391.84
+0.0%
Silver
28.68
+0.0%
Brent Crude
87.29
+0.2%
Top 40
67,314
+0.2%
All Share
73,364
+0.1%
Resource 10
63,285
-0.0%
Industrial 25
98,701
+0.3%
Financial 15
15,499
+0.1%
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