On Friday, the price of oil managed to stabilize at about $73 a barrel, finding ground after its biggest and sharpest single-day fall recorded since July, as the American Dollar managed to hit the highest value in seven long months against a range of major world currencies.

In the opinion of traders, the stronger Dollar, this has the tendency to move inversely to various commodities as they are priced in the US currency, concerns over the economic health of the Eurozone and weaker equities managed to become a powerfully negative combination for oil prices.

The market, however, did gain some support from BlueGold, the oil-focused hedge fund, which blatantly denied what it termed as "false rumors" about the group's continuing operations.

"The market has steadied after yesterday's move. But there is general concern about the economic outlook and the dollar", said Tony Machacek, broker at Bache Commodities in London.