Oil Prices Decline as Dollar Strengthens

New York, NY, July 12, 2011 -- Oil prices declined to near $94 a barrel on Tuesday as the U.S. dollar strengthened.

Benchmark oil for August delivery was down $1.05 to $94.10 a barrel at late morning European time in electronic trading on the New York Mercantile Exchange. Crude fell $1.05 to settle at $95.15 on Monday.

Markets have been concerned aboutg the debt crisis in Europe.