Friday, 10 May 2013

Oil drops below $95 a barrel as dollar rises

The price of oil dropped below $95 a barrel as a strengthening dollar made crude more expensive for traders using other currencies.
In Europe, benchmark crude for June delivery was down $1.74 to $94.65 a barrel in electronic trading on the New York Mercantile Exchange.
Since oil is traded in dollars, a stronger dollar makes crude and other commodities less appealing to investors with other currencies.
Recent signs of improvement in U.S. employment data have sparked speculation that the Federal Reserve might scale back its aggressive monetary policy.

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