Oil prices fell this morning as the US dollar surged ahead of a vote by Greece to clear unpopular fiscal austerity measures.

US crude dropped by 55¢ to stand at $90.61 a barrel, while ICE Brent crude for August fell by 73¢ to $104.39 a barrel.

Anticipations about a continuous supply of crude oil by Gulf exporters, despite a sudden release of emergency stocks, may also affect oil prices.

Greece will vote for a framework austerity package on tax increases and spending cuts this week; it is critical that the country to pass the package in order to secure funding from international lenders to avert a sovereign default.