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London - World oil prices slumped below 75 dollars per barrel on Monday, falling in line with other commodity markets, as traders took their cue from the stronger dollar, dealers said.

AFP reported that New York's main contract, light sweet crude oil delivery in January, shrinking 99 cents to 74.48 dollars per barrel.

Oil Brent North Sea crude for January delivery fell 72 cents to 76.80 dollars per barrel.

"The market of crude oil slipped below 75 dollars per barrel, up more strong U.S. dollar and the weakening equity markets of Europe and Asia," said an analyst at Financial Research Sucden brokerage in London.

In foreign exchange trading, the dollar rose against the euro, attract further support from more powerful than expected U.S. jobs data released before the weekend, analysts said.

In early morning deals, the euro fell as low as 1.4756 dollars, its lowest since early November. Euri then retreated again to 1.4822 dollars.

A strengthening greenback makes crude oil priced in dollars more expensive for buyers using other currencies. In turn, tends to reduce oil demand and prices.

Crude futures fell on Friday in volatile trade, succumbed to the strong dollar after the news of the dramatic increase in the U.S. labor market is problematic.

U.S. official data showed that the loss narrowed to 11,000 jobs in November, a tenth less than in October, and the unemployment rate dipped to 10.0 percent.

"A surprise decline in U.S. unemployment to support the dollar because it led to expectations that the Fed will revise its policy stance more quickly than expected," said an analyst at consultancy John Hall Associates said in a note to clients.

Oil prices have risen in earlier Asian trade on Monday as the U.S. dollar weakening.Ada signals from the Organization of Petroleum Exporting Countries (OPEC) that the cartel would not cut production quotas at a future meeting of December 22, analysts said.

"They were happy with the price now, so there will be no increase in production," said Victor Shum, senior principal energy consultancy Purvin and Gertz in Singapore.

Saudi Arabia declared last weekend that oil prices are "perfect" and therefore a stable global markets Arab heavyweights in OPEC appeared united in their support to maintain production quotas.

"It's all so good right now, we do not have to think very hard," Saudi Oil Minister Ali al-Naimi said in Cairo, which reflects an agreement among OPEC members at the conference to keep production quotas unchanged. (*) (ANTARA News)