Euro Asian Oil trigger U.S. $ 70 Down Approach. Asian oil prices Monday (17 / 5) falls close to U.S. $ 70 per barrel triggered weakening of the euro to its lowest level in four years and the collapse of stock markets due to investor fears of European economic depreciation in the middle of the fiscal and debt crisis. AP reported, crude oil for June delivery fell U.S. $ 1.35 to U.S. $ 70.26 per barrel at midday in Singapore when electronic trading on the New York Mercantile Exchange. Friday was for a similar contract last week fell to U.S. $ 2.79, or nearly 4 percent to U.S. $ 71.61. Crude oil fell to its lowest level at U.S. $ 69.82, its lowest level since at U.S. $ 69.59 on 5 February.

Oil, which is priced in dollars, becomes more expensive for investors holding other currencies when the dollar strengthened. Euro falls to U.S. $ 1.2275 on Monday from U.S. $ 1.2352 on Friday while the dollar weakened to 91.88 yen from 92.30 yen. Asian stock markets also plunged Monday, and oil investors often refer to it as a sign of investor confidence in its entirety. "This is a sea of red out there," said Victor Shum, an energy analyst with consulting firm Purvin & Gertz consultancy in Singapore. "Attention to the Euro really affect the investors in the market."

Oil will remain under pressure over surging dollar. In other NYMEX trading, for a contract in June, heat oil fell 1.64 cent to U.S. $ 2.1155 per gallon, and gasoline fell 1.7 percent to U.S. $ 2.178 per gallon, natural gas fell 0.6 cent to U.S. $ 4.333 per 1,000 feet cubic. In London, Brent crude fell U.S. 1.57 U.S. dollars to U.S. 78.54 U.S. dollars on the ICE futures exchange