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Crude futures retreat as U.S. dollar rebounds
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08:26, April 25, 2008

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Crude prices retreated Thursday as the U.S. dollar rebounded against euro.

The dollar rose against the 15-nation single currency Thursday giving investors a chance to lock in profits from oil's recent record run.

The dollar has an inverse relationship to the price of a barrel of crude. Crude prices surged toward 120 dollars a barrel early this week due to the weak dollar and supply concerns.

On Thursday, light, sweet crude for June delivery fell 2.24 dollars to 116.06 a barrel on the New York Mercantile Exchange.

In London, June Brent crude futures slid 2.12 dollars to 114.34a barrel on the ICE Futures exchange.

Source: Xinhua

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