Sunday, April 11, 2010

Oil falls for the second day against the dollar-
Us crude stock pile reach the highest level for nearly 10 months as imports surge. Oil declined for the 2nd day on April 9 towards $85 , a barrel  pressured by strong dollar and rise in US crude stock piles to their
highest in 10 months. Greece financial crisis concerns affected market from commodities to equities over 2 days, boosting the value of dollar against the euro and major currencies. as investors seek safer assets. US
crude fell 47cents to $85.41 a barrel while brunt crude also fell 52 cents to $85.12. Oil in New York  had
rallied to an 18months in Friday peak about $87 on Tuesday after a flurry of positive US economic indicators. The market had a strong pull over a few days owing to dollar went up. The US dollar climbed
more than 0.5% against a basket of currencies.A strong dollar markets dollar denominated curriencies such
as oil more expensive for holders of other currencies. US crude stocks rose last week to their highest level
nearly 10months as import surged.
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