Oil prices dip on negative US economic news, dollar strength. But where will they go next? On the surface it looks like business as usual. Front-month oil contracts continue to move in line with fluctuations of the dollar, sentiment in the stock market and news about the economic wellbeing of the world's biggest oil-consuming countries, especially the US. So last week's rise in the value of the dollar saw oil prices in London and New York fall sharply towards the end of the week. In London today, front-month Brent opened sharply down, at $69.59/b. A debt crisis in the EU also helped to soften the euro and support the dollar. On Friday, attention turned to more data to come from the US. Non-farm payrolls – a measure of US economic health – fell further than expected, weakening the oil price still further. The theme this week will be ...Click here to continue reading Oil prices slide, but market still seeks definitive direction

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