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Oil falls more than $1 as dollar firms

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Reuters
Tuesday, Aug 12, 2008

Oil fell more than $1 a barrel on Tuesday as part of a broader commodities sell-off on the firmer U.S. dollar, which countered concerns over possible supply disruptions due to the Russia-Georgia clash.

Worries over slowing global demand also put prices under pressure, after world No. 2 consumer China posted a surprise drop in July crude imports.

U.S. crude fell 90 cents to $113.55 a barrel by 0632 GMT, hovering at its lowest since early May. The contract has fallen more than $30, or around 23 percent, from the record above $147 a barrel touched on July 11.

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London Brent crude slid $1.19 to $111.48.

“Oil prices have again sagged lower despite the potential threat that the Russia-Georgia conflict poses to oil supplies. The firm U.S. dollar is weighing on the oil price,” David Moore, an analyst at the Commonwealth Bank of Australia, said in a note.

The U.S. dollar rose to a six-month high against the euro as concerns over the global economy have kept other major currencies under pressure.

  • A d v e r t i s e m e n t

Investors had bought oil and other commodities such as gold in earlier months as a hedge against inflation and a weak U.S. dollar, helping push oil prices to a record above $147 in July.

Crude oil had risen sevenfold at its peak last month, after climbing for six years on growing demand from China and other developing economies.

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This article was posted: Tuesday, August 12, 2008 at 3:13 am





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