NEW YORK (CNNMoney.com) -- Oil prices fell more than 1% Monday as initial optimism about Greece's bailout waned, sending the dollar higher against the euro.
What prices are doing: Crude oil for June delivery fell 92 cents to settle at $84.20 a barrel.
 |
| For more commodities prices, click chart. |
The dip interrupted a recent rebound in prices. Crude rose nearly 4% in the past week, fueled by strong economic data and Greece's decision to accept a $53 billion bailout package. Crude prices are 74% higher than this time last year.
What's moving the market: Prices fell for the first time in five days amid growing concern over Greece's bailout prospects.
On Friday, Greece announced that it would tap a multi-billion dollar rescue plan aimed at helping the nation avoid default on its sovereign debt payment in May. This, coupled with rising global stock markets and strong economic news, helped bolster crude prices.
But investors remained concerned that Greece's money problems could spread to other debt-ridden European nations and choke the fragile global recovery. The worries helped send the dollar 0.3% higher against the euro.
A stronger dollar makes crude, which is priced in the U.S. currency, more expensive for foreign investors. This tends to put downward pressure on demand and prices.
What analysts are saying: MF Global's Mike Fitzpatrick said that Greece's package could signal "more trouble down the road" as other so-called PIIGS nations, such as Portugal and Ireland, face questions about their debt situations.
Greece's problems could "raise [sovereign debt] yields around the world and dampen the fragile recovery," he said.
Crude prices have failed to break out of a $75 to $85 a barrel trading range, despite strong first-quarter earnings reports and economic news, and an8-week winning streak for stocks. Typically, bullish market news would bolster oil prices as traders speculate that higher demand will follow.
Many analysts are calling the $85-a-barrel price, a "psychological" number. Movement beyond this price depends heavily on "pendulum swings between confidence and skepticism," said Fitzpatrick.
Looking ahead: The Conference Board's Consumer Confidence Index, a closely watched indicator of consumer feelings about the economy, is due out Tuesday. A survey of analysts by Briefing.com forecast the April reading will be higher than last month. A positive reading could push oil prices higher.
This week's crude inventory and jobless data, as well as Wednesday's Federal Reserve rate decision, could also be market movers. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.88% | |
| 15 yr fixed | 3.20% | 3.23% | |
| 5/1 ARM | 3.84% | 3.88% | |
| 30 yr refi | 3.82% | 3.93% | |
| 15 yr refi | 3.20% | 3.23% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
|
Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More |
Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More |
Honda and General Motors are creating a new generation of fully autonomous vehicles. More |
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More |
Whether you hedge inflation or look for a return that outpaces inflation, here's how to prepare. More |
