Oil fell in Asian trade today amid fading euphoria over better than expected US jobs data.
New York's main contract, light sweet crude for April delivery, was off 45 cents to $81.42 a barrel. Brent North Sea crude for April delivery eased 42 cents to $80.05.
Oil struggled yesterday to extend last week's rally, which was driven by encouraging numbers from the US Labor Department showing a smaller than expected fall in non-farm payrolls of 36,000 in February. Analysts were predicting about 67,000 job losses for last month.
Analysts also said that the Greece debt crisis continued to haunt the market.
The oil market, meanwhile, weighed weekend comments from Saudi Arabia's King Abdullah, who said that his key crude-producing nation would maintain its moderate policies.
'The kingdom has continued to be moderate in its approach to the global oil situation,' Abdullah said in his annual address to the Shura Council, the country's consultative assembly.
The statement from the Saudi king came amid rising concern that US-led sanctions against Iran over its controversial nuclear programme could disrupt global oil markets.
With Saudi production hovering at around nine million barrels a day, Saudi Arabia is by far the OPEC cartel's largest single oil supplier and the key swing producer, adding or reducing output to moderate sharp swings in the market.
