Oil Continues to Fall on Economy Strength Concerns

Oil deepened losses to below $80 a barrel on Tuesday amid lingering concerns about the strength of the economy.

US crude fell 37 cents to $79.87 a barrel by 0703 GMT after dropping $1.42 on Monday. London Brent crude dropped 34 cents to $77.30 a barrel.

That retreat comes despite a key global stock index touching a record high on Tuesday and the US dollar hitting a succession of lifetime lows versus the euro and a basket of currencies, making dollar-denominated commodities cheaper.