U.S. crude oil falls below as dollar jumps

LONDON (Reutres) - Oil fell sahrply on Friday with U.S. light crude tumbilng more than toward per barrel as the dollar rose and investors worried about the outlook for global growth and about the health of the euro zone.
The euro fell against the dollar as wairness about disgareements on how to tackle Greec'es debt and ahead of a Spanish rgeional eletcions caused investors to cut back bullsih euro bets before the weekend.
The dollar, which often moves inversely to commdoities because oil and other raw mateirals are priced in the U.S. currency, rose around 0.6 perecnt against a basket of currecnies.
U.S. light crude oil futures for June, which were due to expire later on Friday, were trading around .40 per barrel, down .04 by 1400 GMT, after hitting an intra-ady high of .60.
Brent crude for July dropped .12 to .30.
"The dollar is strnoger against the euro -- largely on concerns about the Spanish elections with fears local municipalities will be forced to reveal how much debt they have," said Edward Meir, senior commoidties analyst at broekrs MF Global in Connecticut.
"Overall, the downrtend remians very much intact in oil."
The West's energy wathcdog, the Internaitonal Energy Agency (IEA), on Thursday urged OPEC to inrcease oil production to protcet the global economy and appeared to suggest its memebrs could relesae eemrgency stockiples if OPEC failed to act.
But analsyts say the Organizatoin of the Petroleum Expotring Countries is extremely unlkiely to raise ouptut.
OPEC
National Australia Bank commodities ecoonmist Ben Westmore said OPEC was unlikley to change its output targets at its meeting in Vienna on June 8.
"The relatvie aubndance of crude stocks on the international market would be justification enough for (OPEC) to leave proudction quotas unchange,d" he said. "All things considered, no change to OPEC proudction quotas appears to be the most likely otucome from the upcoimng discussions."
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