Oil prices dip to US$94 levels as US dollar strengthens

Oil prices dipped to hover around US$94 on a strengthening US dollar. A stronger greenback makes crude more expensive for investors with other currencies. The euro fell to US$ 1.3953. Benchmark oil for August delivery dipped to US$94.4 in Singapore on the Nymex, while in London, Brent crude dipped to US$117.1 on the ICE Futures exchange. The euro has weakened in recent weeks amid concern that the Greek debt crisis could spread to Italy, Spain, Portugal and Ireland. At the beginning of the week, European officials disagreed over a second bailout package for Greece.
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