Oil dropped below $82 a barrel today, following the strengthening of the dollar against the euro amid debt worries in Greece, and a possible rise in OPEC exports.
For April delivery, US crude fell 32¢ to $81.88 a barrel by 0255GMT, after settling 73¢ down at $82.20 on Thursday, according to Reuters.
For May delivery, London Brent crude fell 32¢ to $81.16.
Greece’s reported inability to achieve the promised deficit cuts if its borrowing costs remain high has attributed to the strengthening of the dollar against the euro, reports Reuters.
The country is increasing its efforts to seek help from the European Union for its debt crisis, which puts the European single currency under pressure.
Earlier this week, OPEC members agreed to maintain the official existing cuts of 4.2 million bpd, although some have been producing oil above their targets.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData