Oil prices dip towards US480 as dollar strengthens

05-Mar-10
After news of another build in US crude inventories, oil prices have dipped to slide down to US$80 in line with a strengthening dollar. Oil has fallen from seven-week highs as the dollar gained around 0.25% against a basket of currencies, and the euro slipped before a European Central Bank meeting where interest rates are expected to be kept at a record low of 1.0%. Greece's budget-balancing pledges on Wednesday helped restore appetite for risk, boosting the euro against the dollar. The EIA’s report has shown that US crude inventories rose last week by a larger-than-expected 4.1 mln barrels, while gasoline stocks also increased. Simultaneously, total US oil demand grew 0.3% in the past four weeks vs same time last year. US non-farm payrolls will be reported today.
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