Oil dips on stronger dollar, jobless data

08:55, April 19, 2010      

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Oil prices plunged 2.7 percent on Friday as fraud charges against Goldman Sachs and Greece debt concerns sent the dollar rising.

Light, sweet crude for May delivery fell 2.27 U.S. dollars to settle at 83.24 dollars a barrel on the New York Mercantile Exchange. Crude futures dropped to as low as 82.52 dollars a barrel during trading.

The U.S. Securities and Exchange Commission (SEC) on Friday charged Goldman Sachs for defrauding investors over subprime mortgage securities, alleging that the investment giant failed to disclose crucial information on its securities.

Meanwhile, concerns over Greece debt problems resurfaced as Greek officials were reported to say that they may shrink the size of the country's much-anticipated bond issue or abandon it.

The SEC's charges together with Greece issue dragged down market sentiment, prompting investors to turn to safer category. The dollar gained against the euro and sterling pound, pressuring on energy commodities which are priced in on dollars.

In London, Brent crude for June delivery traded down 1.61 dollars to 85.98 dollars a barrel on the ICE Futures Exchange.



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