Crude oil prices trading lower on stronger US dollar

Crude oil prices are trading lower on Tuesday as the US dollar gained against the euro, yen and UK sterling in Monday’s trading session. US Light crude oil futures for April dropped to $79.66 a barrel by 0525 GMT on the NYMEX, while London April Brent dropped 15 cents to $77.74 on the ICE Futures Exchange. “There’s been a movement away from risk markets like oil and equities,” said Tom Pawlicki of MF Global. According to Pawlicki, falling oil prices tend to correlate with weakness in equities. The slide in oil prices on Monday, which took crude oil futures below $80 for the first time since March 4th, was triggered by US dollar gains, and also fears that a 16 month high in consumer inflation in China might lead the country’s central bank to raise bank reserve requirements as early as this week. “I think China’s economy will undergo a phase of consolidation this year and we probably won’t see the boom it went through in 2009,” said Benson Wang, a crude oil trader at Commodity Broking Services in Sydney. Oil prices trading steady around $80, stronger US dollar Oil prices trading down two percent on stronger US dollar Crude oil prices trading under $81 eyes on Fed, US dollar Light oil prices end the week well above $80 trading range Oil prices trading near 2010 highs on latest US jobs data Oil prices trading steady after Thursday loss, eyes on dollar Light oil prices trading around $74, eyes on US Dollar Oil prices & commodities trading higher, US dollar slides Oil prices trading higher amid stronger US Dollar, Europe Crude oil prices trading higher, eyes on US Dollar Index Oil prices trading lower after loosing two percent Monday Growth story pushes oil prices higher for the week Oil prices trading steady, awaits US crude inventory data The Weekly Oil Futures Wrap at Live Oil Prices Light oil price trading back near $80 on weaker US dollar Oil prices trading down two percent on latest US jobs data Brent oil price trading near $80 mark on weaker dollar Crude oil ends weeks trading higher, back near $80 Oil prices trading steady on higher dollar, awaits EIA data Crude oil prices trading higher amid a stronger US dollar

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Crude oil prices trading lower on stronger US dollar