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Oil Prices Fall


Crude oil prices fell about $1 in Tuesday's trading.

The price drop came after the dollar gained strength when the head of the U.S. central bank signaled that the Federal Reserve has finished cutting interest rates and might increase them.

Higher interest rates in a country tend to boost the value of its currency.

The cost of a barrel of oil for future delivery hit $133.43 a barrel in New York, reversing gains made in earlier trading.

The price of oil is down significantly from the record high of $139.12 last week, but about double the cost at this time last year.

Soaring crude oil prices have pushed retail gasoline prices above $1.06 a liter in the United States. Gasoline is sold in gallons in the United States, a unit of about 3.8 liters. Gasoline prices recently exceeded the $4 a gallon mark.

Some information for this report was provided by AFP, AP, Reuters and Bloomberg.

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