Oil slips on stronger dollar

NEW YORK — Oil prices are falling due to a stronger dollar and expectations that U.S. crude supplies are growing.

Benchmark West Texas Intermediate oil for June delivery slipped 97 cents to $112.55 per barrel on the New York Mercantile Exchange.

Crude dropped while the U.S. dollar gained versus other major currencies. Oil is priced in dollars, and it tends to fall as the greenback rises and makes oil barrels more expensive to investors holding foreign money.

Platts, the energy information arm of McGraw-Hill Cos., said it expects U.S. oil supplies to have grown last week by 1.7 million barrels. The government will release its report on oil supplies on Wednesday.

Meanwhile, retail gasoline increased to a national average of $3.976 per gallon.