Oil prices fell Tuesday from a peak above 80 dollars per barrel recorded earlier on a weaker dollar, as a cautious review of supply and demand weakened the recovery.
The dollar fell to its lowest in 14 months against a basket of currencies on Tuesday. A weak dollar lowers the dollar-denominated commodities like oil, for those who derive their income in other currencies.
U.S. crude for November delivery touched $ 80.05 a barrel in Asian trade, the highest since Oct. 14 last year, but then fell back to $ 79.35 a barrel toward 1010 GMT.
London Brent crude fell 20 cents to $ 77.57 a barrel.
Oil prices have risen by almost $ 10 since early October fueled by optimism about the strength of the season of corporate earnings announcements as a sign of economic recovery, in addition to the renewed growth of oil demand.
"We see little support for the surge (oil prices), which collects eight days now, and we think at some point OPEC spare capacity of around 6 million barrels, along with the huge inventory offshore, unleash a correction phase, "said an analyst with Energy JCB, David Wech, in a research note.
The secretary general of the Organization of Petroleum Exporting Countries (OPEC) Abdullah al-Badri said Tuesday he doubted that oil prices can continue around $ 80 a barrel, due to high inventories.
The U.S. inventory data disclosed on Tuesday that American Petroleum Institute could accelerate the losses in prices if crude inventories grow, according to some analysts.
A preliminary Reuters poll of analysts projected that the data reflect an accumulation of 2 million barrels in crude stocks last week.
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