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Commodities: Higher dollar hits oil

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Date: Friday 25 Apr 2008

LONDON (ShareCast) - Oil prices slipped back as investors banked profits from the rally earlier in the week and as the dollar bounced against the euro.

The dollar rose against other major currencies as the US labor market showed signs of resilience.

Data also showed that US homes sales are at the lowest level for almost 17 years, highlighting the notion that the US is in a recession, which will lessen oil consumption.

Light, sweet crude for June delivery fell $2.24 to $116.06 a barrel.

Gold also slid, below the $900 barrier, due to the lower dollar, prompting investors to switch funds from metals to other assets. A stronger dollar makes gold more expensive for traders of other currencies.

Gold futures for June delivery settled down $19.60 at $889.40 an ounce.