Oil prices dipped this evening, coming off 19-months, as prices were hit by a strengthening US dollar and profit-taking.
Brent crude fell 34 cents to $86.91 a barrel, having earlier struck $87.75 - a level last seen in October 2008. US crude slid 57 cents to $84.55.
The euro fell against the dollar as traders were unconvinced by a multi-billion-dollar Greek rescue package from the EU and the International Monetary Fund. A stronger dollar tends to hit demand for dollar-priced oil which becomes more expensive for foreign buyers using weaker currencies.
Meanwhile, Kuwait Oil Minister Sheikh Ahmad Abdullah al-Sabah said that current oil prices do not hamper global economic recovery. The Kuwaiti minister, whose country is OPEC's fourth largest exporter, said the cartel would step in to raise output if prices breached $100.
Sheikh Ahmad said Kuwait will continue to invest in crude capacity increases to reach its target of four million barrels per day by 2020.
