Oil below $113 as traders eye dollar, bin Laden

Oil prices fell below $113 a barrel Tuesday as a stronger U.S. dollar made crude more expensive for investors with other currencies and markets appraised the impact of Osama bin Laden's death.

By early afternoon in Europe, benchmark crude for June delivery was down 81 cents at $112.71 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 41 cents to settle at $113.52 on Monday.

In London, Brent crude for June delivery was down 99 cents to $124.13 a barrel on the ICE Futures exchange.

Crude has jumped 34 percent since mid-February, a rally fueled by disruption of oil supplies in Libya and a weaker dollar. On days when the dollar …