Oil prices retreat as U.S. dollar strengthens

08:41, March 19, 2010      

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Oil prices dipped on Thursday as the U.S. dollar strengthened against the euro.

The dollar gained against the euro as the single currency was hit by a report saying Greece is not hopeful of receiving aid from euro zone members.

The stronger dollar pressures oil and commodity prices by making them more expensive for users of other currencies.

On Thursday, the Federal Reserve Bank of Philadelphia reported its index of business activity, which is often looked to as a proxy for national manufacturing activity, advanced to 18.9 in March, topping analysts' average estimate of 17.8.

Light, sweet crude for April delivery fell 73 cents to 82.20 dollars a barrel on the New York Mercantile Exchange. In London, ICE Brent crude lost 48 cents to 81.48 dollars.

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