LONDON (AFP) - Oil prices slid on Wednesday as the dollar jumped against the euro on heightened fears about a debt crisis engulfing Greece and Portugal, traders said. In late morning deals, New Yorks main contract, light sweet crude for May delivery, dropped 1.09 dollars to 80.82 dollars a barrel. Londons Brent North Sea crude for May shed 1.11 dollars to 79.59 dollars. The correlation between oil and the dollar has strengthened over the past few weeks, said ANZ bank analyst Serene Lim. The strengthening greenback makes dollar-priced oil more expensive for buyers using weaker currencies, denting demand. The euro fell on Wednesday to under 1.34 dollars for the first time in more than 10 months, hit by talk of an IMF-led aid deal for Greece and a downgrade to Portugals long-term debt rating, analysts said. The European single currency sank to 1.3345 dollars in late morning London trade the lowest point since May 8, 2009. The euro later stood at 1.3381 dollars, down sharply from 1.3496 dollars in New York late on Tuesday. Later Wednesday, the US Department of Energy (DoE) will release its weekly inventory report for the week ending March 19. Market expectations are for an increase in crude oil stocks of 1.3 million barrels, according to analysts polled by Dow Jones Newswires. The American Petroleum Institute, an industry group, said late Tuesday that crude stocks in the United States, the worlds largest energy consumer, had risen by 7.5 million barrels for the week ended March 19. Analysts polled by Platts had forecast an increase of 1.67 million barrels, indicating weaker energy demand. The increase was much larger than expected so it was slightly bearish (negative). I think the market is readying itself for similar numbers (later), Lim said. Oil prices advanced to near 82 dollars Tuesday, lifted by gains in the US stock markets after a report from the National Association of Realtors showed existing-home sales fell less-than-expected in February.