Oil prices fall on stronger dollar, India's interest hike

13:50, March 20, 2010      

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Crude futures fell on Friday as the U.S. dollar rose against the euro while India raised interest rate unexpectedly.

The U.S. dollar gained against the euro on worries over Greece' s debt on Friday as the euro zone members failed to reach agreement on financial aid.

Commodities also fell after India's Central Bank raised interest rates unexpectedly. India's central bank hiked its key borrowing and lending rates by 0.25 percentage points, raising concerns energy demand.

Light, sweet crude for April delivery fell 1.52 dollars to 80. 68 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for May delivery fell 1.60 dollars a barrel to 79.88 dollars.

Source: Xinhua
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