Crude oil prices witnessed a marginal dip as the US dollar strengthened and the dollar index rose 0.19%. However, crude oil prices continued to persist above US$81 a barrel- lingering at their highest point in eight weeks. April delivery light, sweet crude dipped to settle at US$81.50.
Oil prices continue to trade at highs on speculation that seasonal factors would sustain prices. Spring is the time when supply is reduced as refineries that are temporarily shut down for maintenance and also on account of increased demand for gasoline as the summer driving season approaches.