The impact of the U.S. dollar weakens, oil prices fell

Crude oil prices in New York on Monday came down with a thin figure. It was triggered by the German Central Bank who will not support a plan that will be carried out by the European Central Bank to resolve the crisis in the euro zone and the U.S. dollar weakened against the euro.

Price of West Texas Intermediate crude for September delivery fell 4 cents to 95.97 dollars per barrel, on the New York Mercantile Exchange. However, in intraday trading, the contract's dollar touched 96.53, the highest price since May 11, 2012.

Brent oil for October setting down 1 cents to 113.70 dollars a barrel on the ICE Futures Europe exchange, based in London. German Central Bank, the Bundesbank, criticized the plan of European Central Bank to buy government bonds indefinitely. The plan will be the European Central Bank in an effort to resolve the crisis in the region.

On the other hand, the U.S. dollar weakened against the euro as the Greek Foreign Minister Dimitris Avramopoulos said that Greece will be eligible to get their fiscal bailouts. The euro strengthened 0.1 percent to 1.2346 dollars. A stronger euro helped oil prices do not fall significantly. Bundesbank statement indicates that there is still much disagreement concerning how to deal with the debt crisis in Europe, as stated by Phil Flynn, senior market analyst of Price Futures Group in Chicago.