Oil prices drop on strong dollar, US crude hits six-year low

Oil prices fell on Monday, with US crude dropping nearly 3 per cent to a six-year low as the dollar hit fresh highs and spare oil storage capacity runs low around the world.

US crude fell to $43.57 in early trading, its lowest since March 2009, before rebounding to $44.34 by 0335 GMT, still down almost half a dollar since its last settlement. Brent was trading at $54.32 a barrel, down 35 cents.

The euro slipped as low as $1.0457 early in the Asian session, its lowest since January 2003, and the currency has dropped about 25 per cent versus the dollar since mid-2014.

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