Oil prices dropped further this evening, extending a sharp run lower since the start of the week as the dollar struck a near 14-month high against the euro.
Crude had nudged higher earlier in the day but headed south as the euro dropped under $1.27, reaching the lowest level since March 2009.
US crude slid 72 cents to $79.25 a barrel, while Brent crude slumped by $1.15 to $81.46. A stronger US currency makes dollar-denominated oil more expensive for holders of rival currencies, such as the euro.
Oil prices have slumped since Monday when they touched $87.15 - the highest level since October 2008.
The market was also being weighed down by rising oil inventories in the US, indicating weakening demand in the world's largest energy consuming nation.
