Oil Prices Decline below $81

The price of oil has declined below $81 a barrel today, widening Friday’s losses as the rising dollar and weak consumer confidence in the U.S. have fueled concerns about falling demand in the most energy intensive country in the world. At 13:15 (GMT +2), the benchmark U.S. light crude was falling 44 cents to $80.80 a barrel while in London the price of Brent oil type was modulated at $ 78.93 per barrel, registering losses of 46 cents.

According to figures made public Friday, the U.S. consumer confidence fell slightly in March as Americans appear less optimistic about prospects in the labor market. The market will focus later in the figures for industrial production in the U.S. in February, which will provide further evidence for the health of the economy, while Wednesday’s attention will turn to the Federal Reserve statement on interest rates and the path of economic recovery.