The price of crude oil was down Tuesday morning on a stronger dollar and amid profit taking after crude rose above the $82-mark in the previous session.
Light Sweet Crude Oil (WTI) futures for April 2010 were down $1.40 to $80.47 a barrel. Yesterday, crude moved above the $82-mark only to settle the session at $81.87.
In news bearish to oil, the greenback was trading higher versus a basket of currencies, with particular strength against the euro. Today euro was pressured on renewed concerns over the Greece debt situation and after Spain reported that its unemployment rose for the seventh straight month, raising concerns over the economic growth in the region.
Traders will look to weekly crude oil inventories data from the American Petroleum Institute scheduled for release later today, to gauge the demand scenario in the world's largest consuming country.
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