Light crude oil futures open trading on Wednesday and dipped under $76 as the oil fell for a second day on continued concerns that the European bailout is insufficient to end the region’s sovereign debt crisis.
US Light crude oil for June delivery dropped as much as 73 cents, or 1 percent, to $75.64 a barrel on the NYMEX.
Crude oil traders have been eyeing how the euro reacts after European policymakers unveiled a $1 trillion debt bailout package earlier this week.
Commodities priced in dollars, such as oil, become more expensive for investors holding euros as the US dollar strengthens.
Meanwhile, BofA Merrill Lynch Global Research analysts said in a note to investors that the currency effect on oil prices may be limited and that crude will top $100 at some point next year.