Oil prices fell today due to a strong US dollar and soft economic data.

The dollar traded up 0.12% against a basket of currencies, making commodities priced in the dollar more expensive for holders of other currencies, reports Reuters.

US crude fell by 34¢ to stand at $87.54 a barrel today and Brent crude for September lost 26¢ to $109.65 as weak US economic data led to concerns about decreasing oil demand from the biggest oil consumer.

Economic data showed that manufacturing in New York contracted for the third consecutive month, tempering hopes for a rebound in the second half of the year.

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