Oil prices fall in Asian trade

Oil prices fell in Asian trade Friday as investor sentiment is high due to growing concerns about the potential economic downturn caused by the Greek debt crisis, analysts said. New York's main contract, crude for light sweet June delivery fell 17 cents to 76.94 dollars per barrel position. While crude Brent borth sea "also for shipment in June fell 27 cents to 79.56 dollars per barrel.

Greece fears that the debt crisis may spread to the economies of other European areas and influence the global economy continues to affect investor sentiment, analysts said, as quoted by Reuters. "Concerns about the fiscal position of some European countries and the possible bad influence, continues to worry about the international economic outlook," said an analyst with Commonwealth Bank of Australia.

A stronger U.S. dollar has also reduced investor interest on dollar-dominated oil. Typically, the dollar is seen as a safe haven during financial turmoil.

In early Asian trading, the euro under pressure to hold down the position at 1.2631 dollars from 1.2644 in New York Thursday night.

A stronger U.S. currency unit that makes the dollar-dominated oil becomes more expensive for holders of other currencies, like euros. "The strengthening U.S. dollar ... to reduce investors' sentiment."

Prices also have declined since Monday when the dollar touched 87.15 - the highest levels since in October 2008.

Markets are also being weighed down by rising oil inventories in the United States, signaled weaker demand in consumer countries in the world's largest energy.

Data released Wednesday by the U.S. Energy Department showed U.S. crude oil stockpiles rose 2.8 million barrels last week. The figure is far higher than

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