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Oil drops 2% as U.S. dollar rises
NEW YORK - Oil prices tumbled more than 2 per cent on Thursday to below $89 a barrel as a stronger dollar and weaker U.S. equities deterred buyers.
Oil markets fell back as Wall Street dipped on disappointing retail sales and investors turned cautious ahead of Friday`s U.S. employment report for December.
Oil`s losses added to a volatile start to trading in the New Year, with crude extending December`s gains and touching a 27-month high on Monday before investors began to reassess the optimistic outlook for commodities in 2011.
Thursday saw further pressure on oil from gains in the dollar against the euro which weighed on dollar-denominated commodities. Recent U.S. data has painted a rosier economic picture in contrast to worries about the eurozone`s sovereign debt crisis.
Read the full article here.
NEW YORK - Oil prices tumbled more than 2 per cent on Thursday to below $89 a barrel as a stronger dollar and weaker U.S. equities deterred buyers.
Oil markets fell back as Wall Street dipped on disappointing retail sales and investors turned cautious ahead of Friday`s U.S. employment report for December.
Oil`s losses added to a volatile start to trading in the New Year, with crude extending December`s gains and touching a 27-month high on Monday before investors began to reassess the optimistic outlook for commodities in 2011.
Thursday saw further pressure on oil from gains in the dollar against the euro which weighed on dollar-denominated commodities. Recent U.S. data has painted a rosier economic picture in contrast to worries about the eurozone`s sovereign debt crisis.
Read the full article here.