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Oil fell for a fifth day as Saudi Arabian Oil Minister Ali al-Naimi said prices are too high and the euro weakened against the dollar after election results in Greece and France.
Oil prices are “still a little bit high,” al-Naimi said in Tokyo today before board meetings of Saudi Arabian Oil Co., of which he is chairman. The euro fell for a seventh day as Greek politicians struggled to form a new government and on the possibility of a policy conflict between Germany and France, which elected Socialist Francois Hollande president.
Crude for June delivery fell $95.52 a barrel on the New York Mercantile Exchange. The price has fallen 9.7 percent in a five-day losing streak that is the longest since Feb. 2.
Brent oil for June settlement dropped $2.04, or 1.8 percent, to $111.12 a barrel on the London-based ICE Futures Europe exchange.
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