By Polya Lesova & Nick Godt, MarketWatch NEW YORK (MarketWatch) - Crude-oil futures dropped below $72 a barrel on Thursday, as concerns over the ability of Greece to pay its debts dimmed the outlook for global energy demand and a stronger dollar broadly pressured dollar-denominated commodities. Crude for January delivery was down 55 cents, or 0.8%, at $72.11 a barrel in electronic trading on Globex. Earlier, the contract fell to an intraday low of $71.65 a barrel. Oil came off earlier lows after the Philadelphia Federal Reserve's manufacturing index improved more than expected in December. But the U.S. dollar rallied to multi-month highs, as worries over Greece's ability to finance its debt hurt the euro. Read more on the dollar. The greenback also built on strength from Wednesday, when the Federal Reserve detailed its plans to remove excess liquidity from the financial system, as previously planned. The dollar index (DXY 77.67, +0.68, +0.88%) , which tracks the performance of the greenback against a basket of other major currencies, rose 0.9% to 77.68 in recent trading. Also lifting the currency and weighing on commodities, the Federal Reserve on Wednesday outlined a clearer schedule for the end of its stimulus measures next year. Dollar strength tends to weigh on dollar-denominated commodities, such as oil and gold, because it makes them more expensive for holders of other currencies. "For the short term, a firmer U.S. dollar should prevent a further increase in the oil price," said analysts at Commerzbank AG in a note to clients. The pullback in oil prices also followed a rally in the previous session. Crude futures rose nearly 3% Wednesday after the government reported that U.S. crude inventories fell much more than expected last week. The Energy Information Administration reported crude inventories declined by 3.7 million barrels last week, while analysts polled by Platts expected a decline of 2 million barrels.

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