SINGAPORE (Commodity Online) : Global oil prices eased further towards $80 a barrel in Asian trade Monday after suffered a two percent drop last week over a variety of reasons including India’s surprise rate rise.

Light sweet crude for April delivery was seen trading at $ 80.16 a barrel at 11.30 a.m Singapore time while Brent crude was at $79.54 a barrel at the same time.



Analysts said along with India’s move, a stronger dollar and worries over Greece's debt also affected the black gold at the start of the week.

On Friday, Asia’s third biggest economy, India raised interest rates from record-lows for the first time since it began cutting in 2008, adding to the gloom, as investors feared the tightening move would curb consumption even as the market is looking to robust economic growth in India and China to lead fuel demand.

The U.S. dollar index, measured against a basket of currencies, was up 0.1 percent to around 80.81, above last week's 79.825 low.

The index had rallied 1.4 percent late last week as the euro succumbed to fresh worries over Greece and its ability to fund itself without euro zone support.

Oil prices dived on Friday as the strengthening US currency dampened investor sentiment for dollar-priced crude.

April delivery, slumped $1.52 to $80.68 a barrel after briefly sinking below the psychological barrier of $80 while Brent crude for May delivery plunged $1.60 to $79.88.

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