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Crude Oil Falls on Stronger Dollar

May 22, 2013 at 0:19 by Vladimir Vyun

Crude oil fell with other commodities today as the dollar gained. The Dollar Index rose for seventh time in nine days yesterday, adding to pressure on raw materials. The Standard & Poor’s GSCI Index, which tracks 24 commodities, lost 0.6 percent. The greenback was rallying on speculations that the Federal Reserve will reduce its stimulus program.

Additionally, crude declined on speculations that US supply will be sufficient even if inventories shrink. All in all, there were not many factors that could help oil to sustain the rally has occurred at the start of this week.

July futures for delivery of WTI crude oil fell $0.59 (0.61 percent) to $95.59 per barrel as of 00:03 GMT on NYMEX today. Brent crude declined $0.89 (0.85 percent) to settle at $103.91 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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