Oil prices trading back down to $82 on stronger US dollar

US Light oil prices are back down to the $82 mark in trading on Wednesday as the US dollar jumped higher amid concerns about a euro debt crisis after Greece’s debt rating was downgraded, analysts said.

US Light crude oil futures for June delivery is currently holding around $82.30.

”The thing that’s weighing on oil prices is mainly the currency movements, as the US dollar has been higher,” said Ben Westmore, a minerals and energy economist with the National Australia Bank.

Oil investors are also looking to the results of a US Federal Reserve board meeting on whether or not to raise its main interest rate, as well as the weekly energy inventories report by the US Department of Energy (DoE).

The DoE report, to be released later Wednesday, is closely watched because it gives an indication of demand in the United States, the world’s biggest economy and the largest energy consuming nation.

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