$A slumps as global oil glut worsens

The Australian dollar has been weighed down by continued declines in commodity prices.

At 0700 AEDT on Monday, the currency was trading at 72.03 US cents, down from 72.44 cents on Thursday.

ANZ senior FX manager Sam Tuck said oil prices fell again as the International Energy Agency announced a lower forecast for oil demand, raising fears about a global supply glut.

"They basically implied that prices will be down for while, so oil continued to sink," he said.

Mr Tuck said global equity markets were also jittery.

"They were down universally on Friday night, which again played on currencies with risk characteristics such as the Aussie," he said.



CURRENCY SNAPSHOT AT 0700 AEDT ON MONDAY



One Australian dollar buys:

* 72.03 US cents, from 72.44 cents on Friday

* 87.21 Japanese yen, from 88.43 yen

* 65.59 euro cents, from 66.23 euro cents

* 107.14 New Zealand cents, from 107.44 NZ cents

* 47.33 British pence, from 47.87 pence



(*Currency closes taken at 1700 AEDT previous local session)