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Oil edges up on weaker dollar

09-27-2011 10:07 BJT

NEW YORK, Sept. 26 (Xinhua) -- Crude prices edged up on Monday as the dollar weakened.

The dollar fell about 0.3 percent against a basket of six major currencies on disappointing data. The U.S. Commerce Department reported that the U.S. new-home sales for August hit a six-month low, at a seasonally adjusted annual rate of 295,000 homes, down from 302,000 in July, with prices down 8.7 percent.

Besides, investors got hopes for the ongoing European debt crisis. A spokesman for the European Commission said a plan about extending the effectiveness of the bailout fund was under way. It was said part of the plan would expand the borrowing power of the eurozone bailout fund but not the share that every member country was committing.

However, the eurozone officials played down the earlier reports that Europe planned to halve Greece's debts and inject fund to the bank system, weakening market optimism.

In the Middle East, Italian oil company Eni said it has restarted production in Libya and became the first foreign company that returned to Libya after the half-year long unrest.

Light, sweet crude for November delivery rose 39 cents, or 0. 49 percent to 80.24 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for November delivery ended flat, slightly down 3 cents to close at 103.94 dollars a barrel.

 

Editor:Zhang Rui |Source: Xinhua

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