Oil prices have largest one day fall in three weeks

22-Mar-10

Oil prices fell by over US$1.50- its largest one-day dip in three weeks, as the US dollar firmed against foreign currencies, negatively impacting investment flows into oil and other commodities. Oil prices dipped to US$80.6 as the US dollar strengthened against the euro on worries over Greece's debt, and on results of a poll forecast of oversupply in the oil market this year. London Brent crude for May fell to US$79.88. Naphtha prices have been assessed for H1-May at US$745/ton CFR Japan.