* Concerns over Greek debt crisis boost dollar vs euro
* Reuters poll sees small oil market surplus this year
* Coming up: U.S. ECRI gauge of likely growth at 1430 GMT
(Updates prices, detail)
By Christopher Johnson
LONDON, March 19 (Reuters) - Oil slipped below $82 a barrel
on Friday as the dollar strengthened against the euro on worries
over Greece's debt, and after a Reuters poll forecast the oil
market in surplus in 2010.
The euro hit a week low on Friday, pressured by concerns
over Greece's deficit as traders waited to see if Athens would
get help from euro zone members at a summit next week. []
The dollar index <.DXY>, which tracks the performance of the
U.S. currency against a basket of six major currencies, rose
almost 0.50 percent to $80.612 by 1330 GMT. []
Crude prices tend to fall with a stronger dollar as
investors seek the safer haven of the U.S. currency over
commodities. A weaker dollar also makes dollar-denominated
commodities less expensive for holders of other currencies.
U.S. light crude for April delivery <CLc1> shed 37 cents to
$81.83 a barrel by 1330 GMT, after settling 73 cents down at
$82.20 on Thursday. London Brent crude for May <LCOc1> fell 37
cents to $81.11.
Carsten Fritsch, analyst at Commerzbank in Frankfurt, said
oil looked comfortable within a range between $80 and $83 per
barrel with little immediate sign of a breakout.
"If the dollar were to strengthen significantly from here,
oil prices could drop below $80. But they have been holding up
fairly well. Bullish sentiment is still dominant," Fritsch said.
POLL SEES SURPLUS
According to a Reuters poll of 10 top oil-tracking analysts
and organisations forecast the oil market would see a small
surplus of 150,000 barrels per day (bpd) this year with stocks
rising as OPEC pumps more crude than the market needs.
[]
The Organization of the Petroleum Exporting Countries
decided this week to keep its oil production targets at current
levels but the producer group is actually pumping well above its
declared targets, helping keep a lid on prices.
All estimates, including OPEC's, show compliance has fallen
steadily over the last year but the market seems unfazed.
Evidence of slipping compliance came on Thursday from UK
consultancy Oil Movements, which forecast seaborne oil exports
by OPEC, excluding Angola and Ecuador, would rise by 70,000 bpd
in the four weeks to April 3. []
But oil prices are now near the top of their range over the
last 18 months, supported by expectations of economic recovery.
The U.S. crude futures contract, also known as WTI, has
stabilised over the last 10 days following a month of gains,
oscillating within a $3 range from around $80 to $83 and
analysts say the market may now see a consolidation.
Demand in the world's biggest oil consumer, the United
States, will be in focus later on Friday with a key weekly gauge
of future U.S. economic growth, the Economic Cycle Research
Institute (ECRI), due at 1430 GMT.
(Reporting by Christopher Johnson; editing by Sue Thomas)
