Oil prices fell below $82 today aided by a stronger dollar and ahead of a European Union summit to discuss Greece’s debt troubles.
For May delivery, US crude dropped 11¢ to $81.49 a barrel by 0245 GMT, while London Brent crude fell 9¢ to $80.45.
The April delivery contract expired on Monday increasing 57¢ at $81.25 a day earlier, reports Reuters .
The upcoming EU summit is a big risk factor affecting dollar sentiment and, by extension, oil prices.
A Reuters poll of ten oil-tracking analysts and organisations projected that the oil market will face an oversupply of 150,000bpd.