SINGAPORE (Commodity Online) : Global oil prices continued its southern journey in Asian trade Wednesday mainly on a strong dollar amid Greek debt crisis.
Light sweet crude for June delivery was seen trading at $82.16 a barrel at 11.30 am Singapore time while Brent crude was at $85.21 a barrel at the same time in London.
The dollar was at $1.2954 per euro in early trade, and touched $1.2937, the strongest since April 22, 2009, from $1.2987 in New York Tuesday.. The Standard & Poor's 500 Index fell 2.4 percent to 1,173.60, the most since February.
Analysts said weak Chinese manufacturing growth that may reduce investor's passion towards commodities also dent oil's progress.
On Monday, benchmark crude for June delivery fell $3.45, or four per cent, to settle at $82.74 a barrel on the New York Mercantile Exchange. In London, Brent crude was down $3.27 to settle at $85.67 on the ICE futures exchange.
The decline came as stocks dropped sharply around the world over concerns that European countries would fail to approve a $144 billion bailout package for Greece.
Oil prices also are being pushed down by growing crude inventories, which may have gained an additional 1.5 million barrels last week.
US Energy Department's Energy Information Administration is scheduled to release last week's supply data later Wednesday.