Oil prices stagger as dollar adds weight Oil prices slide down today been pressed by a stronger dollar. Oil prices appear to make a comeback soonest as the possibility of excessive global supply has been limited by supply cuts so far. This is as there have been supply cuts from Nigeria and Canada and Libya. These cuts placed oil prices favourably for a second consecutive week of gains. Yet there are but little hopes of a long term rise of oil prices as OPEC and non-OPEC members have failed to come to a formal arrangement to cut supply. This is even worse as Iran is independently pushing for increased production output, Alexander Novak who is the Russian Energy Minister had expressed his fears of supply eventually going excess of demand by about 1.5 million barrel per day. He predicted little to come from the upcoming meeting of OPEC members slated for June 2. Today, Brent went down to $48.79 marking a fall of 2 cents while US crude went down to $48.14 for a barrel.