Oil prices weakening as US crude demand declines (AP) (15-03-2010)

Oil prices fell below $81 a barrel Monday, pushed down by a stronger dollar and investor concerns that slower U.S. demand for crude doesn't justify the recent rally.

Investors will be eyeing this week's Federal Reserve meeting for signs of when policymakers may start raising record-low interest rates.

Also on the schedule is OPEC's midweek meeting at its Vienna headquarters, but analysts had few expectations of market-moving news from the world's key oil exporters.

Iran's oil minister said Monday that OPEC should stick to its current output targets.

In other Nymex trading in April contracts, heating oil fell 0.44 cent to $2.0896 a gallon, and gasoline dropped 0.29 cent to $2.2521 a gallon. Natural gas declined 4.7 cents to $4.353 per 1,000 cubic feet.

In London, Brent crude was down 48 cents at $78.91 on the ICE futures exchange.

Source: AP