Oil tumbled in Asian trade on Friday due to a stronger dollar as global financial markets remained on edge on worries over the struggling US economy and the European debt crisis.
Analysts said prices are expected to be volatile, mirroring developments in the financial markets and the global economy.
According to Business.inquirer.net, New York’s main contract, West Texas Intermediate light sweet crude for delivery in September, fell 47 cents to $85.25 per barrel.
Brent North Sea crude for September delivery dipped 57 cents to $107.45.
A stronger dollar makes dollar-priced oil more expensive, leading to softer demand and pushing prices lower.
Crude prices fluctuated sharply in US trade on Thursday before following stock markets higher as bargain hunting and less bearish economic outlooks took hold in the markets.