SINGAPORE (Commodity Online) : Global oil prices remained highly volatile in Asian trade Friday as the euro strengthened against the dollar.
Light sweet crude for June delivery was seen trading at $77.61 a barrel at 12.00 noon Singapore time while Brent crude was at $79.95 a barrel at the same time in London.
Commodities priced in dollars, such as oil, become more expensive for investors holding euros as the U.S. currency strengthens.
The euro, which fell to a 14-month low of 1.2520 on Thursday, rose to $1.2705 on Friday while the dollar jumped to 92.79 yen from 90.78 yen.
Crude prices have fallen from an 18-month high of $87.15 that was hit Monday. That level was reached as the dollar surged against the euro amid investor concern a $142 billion bailout package for Greece won't be enough to keep the debt crisis from spreading to other European countries.
On Thursday, the black gold dropped for the third straight day in New York, amid continuing worries about the stability of the Euro zone and a stunning sell-off in the US financial markets.
New York's main contract, light sweet crude for delivery in June, closed down $2.86 to $77.11 a barrel. Over the last three trading sessions, it has fallen 10.5 percent.
Brent North Sea crude for June slumped by $2.78 to $79.83 in London.