Oil dropped below USD69 a barrel on Monday because of multiple factors. The first and most correlated factor related to the drop in oil is the strengthening of the US dollar. Oil prices and the US dollar exchange rate rely on their inverse relationship to give way to specified results. The decreases in European equities were also the other determining factor for price slippage.

However, attacks on the oil industry in top African exporter Nigeria limited losses. Nigeria's main militant group said they had attacked three oil installations belonging to Royal Dutch Shell in the Niger Delta. The attacks alongside weakening stock markets and a strengthening dollar, will keep oil prices relatively firm.

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