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Oil prices lower in Asian trade

25 March, 2010

SINGAPORE: Oil prices dipped to near 80 dollars a barrel in Asian trade Monday, extending last week`s losses caused by gains in the US dollar.

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New York`s main contract, light sweet crude for April delivery, was down 63 cents to 80.05 dollars a barrel.London`s Brent North Sea crude for May delivery shed 42 cents to 79.46 dollars a barrel.

The oil market Friday took a hit from a stronger greenback, which sent the New York contract slumping 1.52 dollars, briefly dropping below the psychological barrier of 80 dollars per barrel.

A stronger US unit makes dollar-denominated crude more expensive for buyers using weaker currencies and so tend to dampen oil demand and prices. Prices fell sharply last week as investors sought the safe-haven greenback on uncertainty over international assistance for debt-plagued Greece.


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