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Oil prices decline on stronger U.S. dollar

Xinhua, May 28, 2016 Adjust font size:

Oil prices continued to fall Friday as the U.S. dollar jumped amid rate hike fears, which made the dollar-denominated oil less attractive for holders of other currencies.

The West Texas Intermediate for July delivery dipped 15 cents to settle at 49.33 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 27 cents to close at 49.32 dollars a barrel on the London ICE Futures Exchange. Endit