Oil prices eased under $79 today after slumping nearly 3 per cent a day ago amid a commodities-wide slide tied to a rebound in the US dollar.
US crude futures lost 18 cents to $78.84 a barrel earlier today after hitting a three-week low of $78.35 a barrel yesterday. London Brent crude fell 12 cents to $76.46.
The dollar has risen following a report issued late last week that showed September US jobs growth posted its best performance since May, stemming concerns that the world's top energy consumer was set to tip into a recession.
Oil prices hit a record-high of $83.90 a barrel on September 20th, after the US Federal Reserve cut interest rates in a bid to calm credit markets, sending the dollar lower. The dollar edged up further against the euro today.