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Oil slips as dollar recovers

Reuters  |  LONDON 

Crude oil futures reversed early gains to fall towards $63 a barrel on Wednesday as the dollar’s recovery from early losses outweighed expectations of a draw on US oil stocks. July Brent crude fell 37 cents to $63.35 a barrel by 1245 GMT, down from an intraday high of $64.67, while US crude was down 13 cents at $57.90 after touching $58.95 earlier in the session. Oil prices had fallen nearly three per cent on the previous day, pressured by a strong rally in the dollar. A weaker US dollar makes dollar-backed commodities such as crude oil more attractive for holders of other ...

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First Published: Wed, May 27 2015. 22:31 IST