Oil fell 0.2 percent to about $ 78.50 on Tuesday, with firmness in the dollar on concerns about sovereign risk in Europe, and also forecasts for a rise in stocks of crude and gasoline.
The euro fell to its lowest in nine months and a half against the dollar on Tuesday, pressured by worries over debt problems in Greece.
The market was also on the lookout for the weekly inventory data from the American Petroleum Institute (API, by its initials in English) which will later on Tuesday, followed by the U.S. Government's own numbers on Wednesday.
U.S. crude for April delivery fell 15 cents to $ 78.55 a barrel by 1022 GMT, while London Brent crude fell 7 cents to $ 76.82.
The U.S. oil contract for April touched $ 80.62 a barrel on Monday, a record since 13 January, following the progress of raw materials driven by copper. But prices retreated as the dollar gained 0.65 percent against a basket of currencies.
On Tuesday, the dollar rose 0.41 percent extra.
"The dollar is the main factor, and if it continues to rebound, I expect crude fall further," said Clarence Chu, a trader at Hudson Capital Energy Energy in Singapore.
Oil inventories probably rose U.S. 1.3 million barrels last week amid increased imports, a Reuters poll showed while gasoline stocks would have grown 400,000 barrels.
For its part, the oil minister of United Arab Emirates, Mohammed al-Hamli said Tuesday that oil markets remain well supplied.
He added that prices of between 70 and 80 dollars per barrel was acceptable for producers.
OPEC meets on March 17 and ministers are now suggesting no change in current production quotas.
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