Light oil price trading lower on a stronger US dollar

The US Light oil price declined nearly $2 a barrel in overnight trading on Tuesday as a stronger US dollar against the euro weighed on commodities including oil prices.

The euro fell against the US dollar in European deals on Tuesday as investors looked for fresh details on Greece’s plans to resolve the nation’s debt crisis.

US Light crude oil futures for April delivery settled down 38 cents, or 0.5%, at $81.49 on the NYMEX, while in London, Brent crude oil futures on the ICE Futures Exchange closed down 56 cents, or 0.7%, at $79.91 a barrel.

“I think the bulls are making an extreme push with the understanding that they’re up against the top of the current range, so it’s now or never for them,” said Stephen Schork, editor of the oil and gas newsletter The Schork Report. “They’re thinking, ‘If we don’t push it up to $85 range it will go down to $70 to $75,’” he said.

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