Oil prices tumble on data, dollar

08:30, August 11, 2010      

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Oil prices dropped below 80 U.S. dollars a barrel before settling higher on Tuesday as the dollar strengthened and oil imports of China fell.

The dollar continued to strengthen against the euro on Tuesday, which pressured on the crude oil prices. Usually a strong greenback limits energy commodity's appeal as alternative investment.

Meanwhile, official data showed that Chinese crude imports in July fell by 17.5 percent from June, sending the market to worry about a slowdown of demand from China.

Crude futures traded in New York fell to as low as 79.20 dollars a barrel on Tuesday. Energy commodities recovered some losses after the Federal Reserve's newly announced stimulus measures put a cap on dollar's gains.

Light, sweet crude for September delivery fell 1.23 dollars to settle at 80.25 dollars a barrel on the New York Mercantile Exchange.

Brent crude for September delivery fell 1.50 dollars to 79.49 dollars a barrel on the ICE Futures Exchange in London.



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