Oil Up, Dollar Down

Robert Gibbons
Reuters
April 21, 2011

Crude oil futures were mixed on Thursday, with Brent slipping and U.S. oil clinging to gains in choppy trading as disappointing economic data from the United States limited the lift from a weakened dollar.

Separate reports showed the pace of factory activity in the Mid-Atlantic region fell in April and that U.S. initial jobless claims fell less than expected last week. This dampened optimism about the economy and the outlook for oil demand.

Oil’s slip from the session peak came after both Brent and U.S. crude were lifted as the dollar tumbled a third straight day and the dollar index .DXY neared an all time low.

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