Oil prices nudged upward this lunchtime after an earlier dip as the euro struck a four-year low against the dollar.
US crude fell as low as $69.82 a barrel but later bounced back to $71.63, up two cents from its close in the US on Friday. Brent North Sea crude gained three cents to $77.97.
The oil market began the day by extending last week's losses as the euro slumped on persistent fears over euro zone debt. A stronger dollar makes dollar-priced crude more expensive for buyers using weaker currencies, denting demand, which leads to lower oil prices.
The market is also under pressure from rising stockpiles in the US, indicating slow demand in the world's largest oil consuming nation.
