Oil Price Falls to Less Than $81 as Dollar Gains

21 October 2009 (Last Updated October 21st, 2009 18:30)

The US crude oil price fell almost 1% today, weighed down by gains in the dollar. A US Energy Information Administration report showing a larger-than-expected 2.3-million barrel draw in gasoline stocks last week saw oil rally 2.8% in the previous session to settle at $81.37. That's its

The US crude oil price fell almost 1% today, weighed down by gains in the dollar.

A US Energy Information Administration report showing a larger-than-expected 2.3-million barrel draw in gasoline stocks last week saw oil rally 2.8% in the previous session to settle at $81.37. That's its highest since 9 October 2008, according to Reuters.

NYMEX crude for December delivery fell $0.74 or 0.9% to $80.63 a barrel by 06.59 GMT, trading a range between $80.59 and $81.50.

London Brent crude fell $0.69 to $79 a barrel. The dollar rose to more than $1.50 against the euro and away from a 14-month low against a basket of currencies.