US crude oil futures fell to $75 per barrel today driven by slumping equities markets and a firmer dollar following gains the week before.
US stock markets were broadly down as investors fretted about Europe's fiscal issues while the US dollar rose as concerns about the results of European bank stress tests pushed down the euro.
A firmer dollar often pushes commodities down as it makes them more expensive for holders of other currencies.
Crude for August delivery fell 86 cents to $75.23 a barrel by late afternoon, after closing last week with a gain of more than 5% - its biggest weekly jump since May. Brent crude was down 77 cents at $74.65 a barrel.
Traders were looking and ahead to quarterly US company earnings that kick off later today, as well as US retail sales and industrial production data later in the week.
Oil rose earlier today following Chinese figures showing a 43.9% surge in exports in June from a year earlier, while crude imports in the world's second-largest energy user rose by a quarter to hit a record high above 22 million tonnes.
At $75 per barrel, oil prices are in the middle of a range identified by both oil producers and consumers as comfortable: high enough to encourage investment and exploration but not so high as to bring rampant inflation or damage economic growth.
