Oil prices trading range at $80 mark on US Dollar Index

Oil prices are trading in the $80 range on Thursday as the US Dollar Index breaks through the 81.00 mark and continued strength of the US dollar versus the euro heightened fears over the European debt crisis engulfing Greece and Portugal that has sent the euro dipping lower this week. US Light crude oil futures for May delivery, dropped 20 cents to $80.41 on the NYMEX, while in London, Brent crude oil futures for May was down 24 cents to $79.38 on the ICE Futures Exchange. After consolidating strong February gains, the US Dollar Index broke its important 81.00 area resistance on Wednesday. This important penetration indicates further gains for the US Dollar Index, which in turn could mean lower crude oil prices. The Dollar Index breakout was fueled by Fitch downgrading Portugal to AA- and speculation that Greece may default. The European Central Bank warned European leaders of indecision. “If Greece succumbs, German and other European taxpayers will end up paying even more than they would if temporary financial support was given,” ECB member Bini Smaghi said. The Dollar Index gains may depress stock markets and commodities including oil futures and gold, and may even threaten the global economic recovery. Oil prices trading steady, eyes on US dollar index Crude oil prices trading lower on stronger US dollar Oil prices trading down two percent on stronger US dollar Oil prices trading steady around $80, stronger US dollar Oil prices trading steady after Thursday loss, eyes on dollar Oil prices trading down two percent on stronger US dollar Light oil prices trading around $74, eyes on US Dollar Crude oil prices trading higher, eyes on US Dollar Index Oil prices trading lower as US dollar makes gains Brent oil trading below $80, US dollar holding down prices Oil prices targeting $85 mark as OPEC meets, dollar falls Crude oil prices trading under $81 eyes on Fed, US dollar Light oil prices end the week well above $80 trading range Oil prices trading near 2010 highs on latest US jobs data Oil prices trading down two percent on latest US jobs data Oil prices trading steady on higher dollar, awaits EIA data Oil prices & commodities trading higher, US dollar slides Oil prices trading higher amid stronger US Dollar, Europe Crude oil prices trading higher amid a stronger US dollar Oil prices trading lower after loosing two percent Monday

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Oil prices trading range at $80 mark on US Dollar Index