Oil edges lower on stronger dollar

08:28, March 10, 2010      

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Oil prices dipped lower on Tuesday as dollar firmed against the euro and other major currencies.

Crude futures moved between 80.16 and 81.91 U.S. dollars on Tuesday before retreating to close lower in New York trading.

The biggest player on Tuesday was the dollar, which rose against the euro and sterling pound as Greek debt problems weighed on market. Usually a strengthening green back limits the appeal of crude commodities as an alternative investment.

The Energy Department Energy Information Administration released its monthly Short-Term Energy Outlook on Tuesday, which gave a relatively stable outlook for oil and gasoline prices this year. EIA sees the national average for gasoline rising above 3 dollars per gallon this spring and summer. Oil is expected to average about 80 dollars a barrel this spring, rising to 82 dollars by the end of the year.

Light, sweet crude for April delivery fell 38 cents to settle at 81.49 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for April settlement fell 62 cents to 79. 85 dollars a barrel on the ICE Futures Exchange.

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