NEW YORK -- Oil is falling in a volatile trading day that's expected to be heavily influenced by the U.S. dollar.
Oil is priced in dollars, so it tends to drop as the dollar strengthens and makes crude barrels more expensive to investors holding foreign money. While the dollar was still down Monday morning versus other major currencies, it's rebounded from earlier in the day.
Benchmark crude for June delivery dropped 80 cents to $111.49 per barrel on the New York Mercantile Exchange. In London, Brent crude lost 67 cents to $123.34 per barrel on the ICE Futures exchange.
Gas pump prices continued to climb for the 34th straight day, to a national average of more than $3.86 per gallon. A gallon of regular now costs a dollar more than a year ago.