Oil prices fall on stronger dollar

07:41, March 02, 2010      

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Oil prices fell on Monday as the dollar moved higher and a report about the U.S. manufacturing sector was weaker than expected.

Light, sweet crude for April delivery fell 96 cents to settle at 78.70 U.S. dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for April delivery fell 76 cents to 76. 83 dollars a barrel on the ICE Futures Exchange.

The dollar strengthened against the euro and other major currencies amid persisting worries over the debt problems in some eurozone countries. A strong greenback usually limits the appeal of commodities including crude futures as an alternative investment.

The Institute for Supply Management's index of manufacturing activity fell 1.9 points in February to 56.5. The index indicated that the U.S. manufacturing sector continued expanding but at a slower pace. The report lowered expectations about the outlook of energy demand.

Source: Xinhua
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