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Oil Rises for the First Time in Four Days as Dollar Weakens
Posted By admin On August 13, 2008 @ 3:11 am In Money Watch | Comments Disabled
Grant Smith and Christian Schmollinger
Wednesday, Aug 13, 2008
Crude oil rose for the first time in four days as the U.S. dollar weakened, bolstering the appeal of commodities as a hedge against inflation.
Crude oil for September delivery rose as much as 98 cents, or 0.9 percent, to $113.99 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It traded for $113.80 at 8:27 a.m. London time. Yesterday, futures declined $1.44, or 1.3 percent, to settle at $113.01, the lowest close since May 1.
The dollar declined 0.5 percent to $1.4969 against the single European currency from a 5 1/2-month high of $1.4816 yesterday.
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