LONDON: Brent crude oil futures plunged by more than USD1 to a 4-year low of USD 81.23 a barrel, as a strong dollar and robust production from US shale oil fields weighed on prices.
Brent crude for December fell $1.11 to $81.23 a barrel, its lowest since October 2010, and was trading at about $81.90 by 9.05am GMT. US crude was down 50c at $76.90 a barrel.
The US dollar hit a seven-year high against the yen and was up 0.2% on the day against a basket of currencies.
A strong dollar suppresses demand for oil and other dollar-priced commodities by making them more expensive for purchasers using other currencies.
Brent has fallen nearly 30% since late June due to rising production, slowing global demand, and the absence of clear signals from the Organisation of the Petroleum Exporting Countries (Opec) that it will cut output at a November 27 meeting.
