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Oil extends yesterday's sharp
decline on dollar strength, easing supply fears
Thomson
Financial
Tuesday, April 1, 2008
Oil fell as the dollar picked up against the euro,
as fears of lower demand amid relentless economic weakness continued
to spook the market, on rising US crude stocks and as geopolitical
tensions and supply fears from Iraq eased.
New York's main WTI benchmark, which yesterday lost around $6.50
from the highs, stayed lower today amid weak sentiment, with precious
and base metals also down. Dollar strength, which made commodities
priced in the greenback relatively more expensive for those trading
in other currencies.
Meanwhile, on the supply side, players expect a weekly US stocks
report due tomorrow will show crude stocks in the world's biggest
consumer rose again. In the Middle East, fears over Iraqi supply
eased as clashes in the southern oil hub of Basra between Sadr's
fighters and Iraqi forces ended on Sunday.
Full
article here.
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INFOWARS:
BECAUSE THERE'S A WAR ON FOR YOUR MIND
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