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Oil prices decline on weakened demand, distressed euro

Dollar strengthens against euro, driving oil prices lower for second week in a row.

May 14, 2010 11:07 by

Oil prices dipped below $74 a barrel in Asia Friday, as analysts eye the possibility that economic woes in Europe will depress oil demands, the Gulf News reported today.

Oil prices have steadily declined since last week, as the dollar has gained ground against the euro. The strengthening dollar drives oil prices higher for purchasers using other currencies.

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