Crude down on euro zone debt woes, stronger dollar

SEOUL: U.S. crude oil futures fell on Monday in early Asian trade on a stronger dollar and concern euro zone debt woes could spread though there was some support from continued unrest in the Middle East.

FUNDAMENTALS

On the New York Mercantile Exchange, crude for August delivery was down 52 cents to $90.64 a barrel by 0108 GMT after settling at $91.16 on the previous session.

ICE Brent for August delivery in London was down 19cents to $104.93 a barrel versus the previous settlement at$105.12.

Europe should not exclude the possibility of intervening on Greek interest rates, Jean-Claude Juncker, the chairman of euro zone finance ministers said on Sunday.

Greece's sovereign debt restructuring is inevitable, PIMCO co-chief investment officer Mohamed El-Erian also said on Sunday, warning the nation's problems could "contaminate" Europe.

Separately, some legislators voiced opposition in the Greek parliament to a new austerity package.

The dollar gained index 0.40 percent in early Asian trade on Monday, carrying over gains from Friday.

Two Asian members of the 28-nation IEA, Japan and South Korea moved to release emergency oil stockpiles on Friday. Japan will cut the reserve requirement for oil companies by 7.9million barrels over the next 30 days and South Korea will release 3.46 million barrels.

Iran will reject any increase at the OPEC production ceiling in the cartel's next meeting, the country's caretaker oil minister Mohammad Aliabadi said on Sunday.(Reuters)