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Oil ends slightly higher on weaker dollar

04-22-2011 15:00 BJT

NEW YORK, April 21 (Xinhua) -- U.S. crude oil price rose on Thursday as the dollar continued weakened, but U.S. lackluster economic data limited the lift.

The dollar continued declining on Thursday, and once hit the lowest level in 16 months against the euro. Since the Standard & Poor's lowered its outlook for U.S. debt this week, the markets remained less confident in the greenback. Thus, the investors assumed the Federal Reserve would not raise the interest rate from near zero. Lower rate made the dollar less attractive.

The dollar index, tracking the dollar performance against a basket of currencies, dipped about 0.4 percent.

But the lackluster U.S. economic data dampened the oil demand outlook. The Labor Department said the initial jobless claims decreased 13,000 in the week ending April 16, missing the analysts expectation. Struggling job market hurt the confidence in the U.S. economy and limited the rise of oil.

Light, sweet crude for June delivery rose 84 cents to settle at 112.29 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for June delivery edged up 14 cents and settled at 123.99 dollars a barrel.

Editor:Yang Jie |Source: Xinhua

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