Oil prices retreat from $126 a barrel record

“China's imports of oil and oil products were very high in March, and if that was strong again that would signal that that part of the market remains fundamentally strong and supportive of the oil price”

Oil prices retreated Monday in Asia from last week's record close near $126 a barrel as the dollar strengthened against the euro and yen.

Investors often buy commodities such as oil as a hedge against inflation when the greenback falls, but that effect can reverse when the dollar gains against other currencies, as it has in Tokyo currency markets on Monday.

The euro was trading at $1.5407, down from $1.5480 last Friday in New York. The dollar also strengthened against the yen, rising back above the 103 mark and nearing 104 yen. Read more