World oil prices dipped slightly this evening as the dollar rose and investors turned their attention to upcoming data on US stockpiles.
US crude dropped nine cents to $81.78 a barrel, while Brent North Sea crude shed 20 cents to $80.27.
The euro fell against the US dollar as investors sought out the safe-haven dollar after ratings agencies warned about deteriorating credit quality in Europe. A stronger US currency makes dollar-denominated oil more expensive for buyers holding other currencies, and therefore tends to dent crude demand and prices.
Meanwhile, the US government's Department of Energy (DoE) will publish its latest weekly snapshot of US crude inventories on Wednesday.
The DoE report is a key weekly event for the oil market because the US is the world's top energy consumer.
