Oil prices retreat on strong dollar

Global oil prices dipped Monday as investors took their cue from the rebounding dollar, awaited fresh US economic data and digested another Chinese interest rate cut.

US benchmark West Texas Intermediate (WTI) for June delivery slid 19 cents to $59.20 a barrel.

Brent North Sea crude for June reversed 29 cents to $65.10 per barrel nearing midday in London.