* Concerns over Greek debt woes boost dollar vs euro
* Forecast rise in OPEC exports dampens sentiment
* Coming up: Feb German producer prices
By Jennifer Tan
SINGAPORE, March 19 (Reuters) - Oil fell below $82 a barrel
on Friday, extending the previous day's losses, as the U.S.
dollar strengthened against the euro amid worries over Greece's
debt woes, and a rise in OPEC exports loomed.
The dollar's safe-haven status grew after Greece said it
could not achieve the promised deficit cuts if its borrowing
costs remained high, raising the stakes in its quest for the
European Union to help tackle its debt crisis, and putting the
European single currency under pressure.
But Athens dismissed a report it was planning to call in
the International Monetary Fund if EU leaders do not agree on a
rescue plan next week, calling IMF aid a last resort.
[]
U.S. crude for April delivery <CLc1> shed 32 cents to
$81.88 a barrel by 0255 GMT, after settling 73 cents down at
$82.20 on Thursday. London Brent crude for May <LCOc1> fell 32
cents to $81.16.
Still, oil is on track for a 0.75 percent gain this week,
as the bearish pressures are offset by investor expectations of
a steady economic recovery, which is helping Asian stock
markets close in on a sixth straight week of gains. []
Adding strain to crude was a report showing seaborne oil
exports by OPEC, excluding Angola and Ecuador, will rise by
70,000 barrels per day (bpd) in the four weeks to April 3,
according to an analyst at UK consultancy Oil Movements.
[]
The rise in sailings comes at the beginning of the second
quarter, when demand usually declines for seasonal reasons.
"The dollar is firmer, and that's a factor affecting the
oil price, but we've seen this pattern before -- when oil gets
above $82 or $83, buyers turn cautious and prices fall back,"
said David Moore, Commodity Strategist at the Commonwealth Bank
of Australia in Sydney.
"The broader macro-economic story remains one of
international recovery, but oil fundamentals are not
particularly tight at the moment, and for that reason, when the
price gets to those levels, we see more caution in the market,
though the underlying tone remains positive," he added.
Moore said crude was likely to trade in the range of "high
$70s to low $80s" over the next week.
FIRM DOLLAR PRESSURES
The dollar index <.DXY>, which tracks the performance of
the greenback against a basket of six major currencies, edged
0.1 percent higher to $80.288 by 0220 GMT. []
Crude prices tend to fall with a stronger dollar, as
investors seek the safer haven of the U.S. currency over that
of commodities. A weaker dollar also makes dollar-denominated
commodities less expensive for holders of other currencies.
OPEC members had agreed on Wednesday to maintain the
official existing cuts of 4.2 million bpd, although some
members have been pumping oil above their output targets.
Most estimates suggest production from the Organization of
the Petroleum Exporting Countries has been rising since early
2009 as members relax adherence to output cuts announced in
December 2008 amidst higher prices.
OPEC's adherence to the promised cutbacks has fallen to
below 60 percent, according to Reuters estimates. []
The group is likely to continue to leave its oil output
quotas unchanged at its next meeting in October, Kuwaiti Oil
Minister Sheikh Ahmad al-Abdullah al-Sabah told Reuters on
Thursday. []
Over in Europe, Germany will unveil producer prices data
for February at 0700 GMT. The index is seen rising 0.1 percent
last month, giving an annual rate of minus 2.8 percent, versus
minus 3.4 percent in the previous period.
(Editing by Ramthan Hussain)
