World oil prices fell today as the dollar strengthened and the market awaited the latest weekly snapshot of energy inventories in the US.
New York's main futures contract, light sweet crude for delivery in March, fell 70 cents to $76.63 a barrel. Brent North Sea crude for April delivery dropped 82 cents to $75.45 a barrel.
The dollar rose against the euro today on concerns the Greek debt crisis could affect other euro zone nations and on expectations that the Federal Reserve may tighten monetary policy sooner than thought. A stronger greenback makes dollar-priced crude more expensive for buyers using weaker currencies, hitting demand.
The drop in prices contrasts with a $3 surge for oil futures on Tuesday following a rise for the European single currency.
The market was awaiting oil inventory data from the US Department of Energy, which was being published one day later than usual after a public holiday in the US on Monday.
The Department of Energy weekly data on stockpiles of crude, petrol and distillates is closely followed since the US is the world's biggest energy consuming nation.
Analysts are expecting the data to reveal a jump in crude and petrol stocks and a drop in distillates, which include heating fuel. Northern parts of the US experienced extremely cold weather conditions last week, which is likely to have pushed up demand for heating fuel.
Traders were also keeping a watch over oil-rich Iran, where renewed tensions over the country's nuclear drive has helped to boost crude prices this week. Iran recently began enriching uranium to 20% purity, which the US and several other powers said added to evidence that the Islamic republic is seeking to build a nuclear weapon.
Tehran denies the charge, insisting its goal is peaceful nuclear energy and research.
