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Oil price falls on rising dollar

Oil&Gas Materials 8 January 2011 04:53
U.S. crude oil futures price fell on Friday as the U.S. dollar strengthened, Xinhua reported.
Oil price falls on rising dollar

U.S. crude oil futures price fell on Friday as the U.S. dollar strengthened, Xinhua reported.

The U.S. Labor Department said on Friday that non-farm payrolls increased by 103,000, well below economists' expectations for 175, 000.

However, the unemployment rate fell to 9.4 percent, the lowest level since May 2009, from 9.8 percent in November.

The U.S. stocks turned red despite seemingly better employment status, and the dollar rose slightly against a basket of major currencies on Friday.

Light, sweet crude for February delivery fell 35 cents to 88.03 dollars a barrel on the New York Mercantile Exchange.

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