Oil dips on stronger dollar

15:22, February 04, 2011      

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Crude oil price dipped on Thursday as the dollar surged against the euro and other major counterparts on positive economic data released in the United States.

Light, sweet crude for March delivery fell 32 cents to 90.54 dollars a barrel on the New York Mercantile Exchange.

On Thursday, driven by upbeat economic data, the dollar surged 1.16 percent against the euro, and the dollar index, which is tracking the dollar performance against a basket of currencies, increased about 0.80 percent.

The Labor Department said the number of people filing for first- time unemployment benefits fell 42,000 to 415,000 in the week ended Jan. 29, and eased more than expected last week, a positive sign before the government released its closely-watched monthly jobs report on Friday.

Meanwhile, economic activity in the non-manufacturing sector grew in January for the 14th consecutive month, according to the Institute for Supply Management.

The ISM said its non-manufacturing index rose to 59.4 last month from 57.1 in December, the highest level in more than five years, while economists had expected a modest drop.

Source: Xinhua
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