Oil trading lower amid Greece debt concerns, stronger dollar

Oil prices fell slightly in trading on Friday, extending the previous day’s losses, as the US dollar strengthened against the euro amid worries over Greece’s debt concerns. US Light crude oil futures for April delivery were at $81.88 a barrel by 0255 GMT on the NYMEX, while in London, Brent crude oil futures were trading at $81.16 on the ICE Futures Exchange. The US dollar’s safe haven status grew after Greece said it could not achieve the promised deficit cuts if its borrowing costs remained high, raising the stakes in its quest for the European Union to help tackle its debt crisis, and putting the European single currency under pressure. “The strengthening US dollar still remains a challenging issue which put further pressure on the energy market and prompts investors to some profit-taking,” said analyst Myrto Sokou at the Sucden brokerage in London. A stronger greenback makes dollar denominated crude oil futures more expensive for buyers using weaker currencies, including the euro, hence the US dollar therefore tends to stimulate oil demand and in turn, oil prices. Oil prices trading down two percent on stronger US dollar Crude oil prices trading lower on stronger US dollar Oil trading steady, analysts say expect higher prices Oil prices trading steady around $80, stronger US dollar Oil prices trading steady after Thursday loss, eyes on dollar Oil prices trading steady on higher dollar, awaits EIA data Daily oil trading report from ODL Markets Daily oil trading report from ODL Markets Oil prices trading down five percent on European debt, dollar Oil prices end week trading solid on Dubai debt Oil prices trading steady, eyes on US dollar index Oil prices targeting $85 mark as OPEC meets, dollar falls Brent oil price trading near $81 on weaker US dollar Crude oil prices trading under $81 eyes on Fed, US dollar Oil prices trading steady amid a weaker US dollar Light oil price trading lower on a stronger US dollar Brent oil price hovers under $77 on higher dollar, markets Oil prices trading steady as US dollar makes gains Light oil price trading back near $80 on weaker US dollar Brent oil price trading under $76 on Greece Worries

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Oil trading lower amid Greece debt concerns, stronger dollar