Lingering concerns over the recession in the euro zone, an ongoing economic slowdown in China and front and center concerns about the U.S. fiscal cliff are pressuring forecasts for global gross domestic product and demand for crude oil.

FORBES: Crude Oil Wants To Slip Below $80 Again, Test $78

The dollar was firmer off the back of surprisingly strong U.S. gross domestic product figures on Friday, making crude oil and other commodities less attractive.

FORBES: Market Scan