Oil prices declined in Asia today on a stronger dollar. US benchmark West Texas Intermediate for August delivery fell seven cents to USD 50.82 and Brent crude for September dipped five cents to USD 57.05 a barrel in late-morning trade. The United States dollar held broad gains in Asia today as investors looked ahead to higher interest rates from the Federal Reserve, while gold slumped to five-year lows as a lack of global inflation left little to hedge against. The precious metal ran into a wave of selling in Asia that drove it down 3.9 per cent, having already suffered its worst weekly performance since March last week. Meanwhile, Saudi Arabia's crude oil exports fell to their lowest in five months in May despite near-record production, as the Organisation of the Petroleum Exporting Countries kingpin turns itself into a major refined-fuels power and as domestic consumption rises.