Weak fuel demand despite data indicating a recovery in the global economy has kept crude oil pegged at US$71 per barrel. This marks a stop to four consecutive weeks of oil price hike. The weakening doollar has made oil an attractive option for investors, pushing up oil prices as they buy contracts as an inflation hedge to offset a decline in the dollar.
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Monday, June 22, 2009
Crude hovers around US$71, arrests fours weeks of consecutive price hike
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