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Oil dips on stronger dollar, but strong Chinese demand underpins

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices dipped on Friday, weighed down by a strengthening U.S. dollar, although China's relentless thirst for crude and OPEC-led supply cuts prevented further falls.U.S. West Texas Intermediate (WTI) crude futures were at $56.58 a barrel at 0714 GMT, down 11 cents, or 0.2 percent from their last settlement.Brent crude futures, the international benchmark for oil prices, were down 8 cents, or 0.1 percent, at $62.12 a barrel.Traders said a stronger dollar, which has gained over 0.9 percent this month against a basket of other leading currencies, was ...

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First Published: Fri, December 08 2017. 12:59 IST