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Crude Prices Move Higher On Weak Dollar

Crude prices turned higher on Tuesday on the back of weakness in dollar, the prices also took support of stronger equities that helped to recover losses spurred by Standard & Poor`s Monday warning on US debt. In the early trade the crude prices declined but reversed course as the dollar lost ground against the euro following a report showing unexpected growth in the euro zone.

Meanwhile, the OPEC Secretary General Abdullah Al-Badri said on Tuesday there was no shortage in the oil market and that countries should revise their tax systems to confront exceptional circumstances.

Benchmark crude for May delivery rose 82 cents, or 0.8%, to $107.94 a barrel, after trading in a range from $105.50 to $107.52 on the New York Mercantile Exchange. With the May contract set to expire at the end of trading Tuesday, the more-actively traded June contract gained 76 cents, or 0.7%, to $108.45 a barrel. In London, Brent crude for May rose by 12 cents, or 0.1%, to $121.73 on the ICE.

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