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Oil settles above $78 on sliding dollar

Published: December 1, 2009 3:52 PM
By The Associated Press  MARK WILLIAMS (AP Energy Writer)

Quick ReadOil settles above $78 on sliding dollar

Oil prices climbed Tuesday as the dollar weakened and new figures showed energy demand for crude may be growing in China.

Benchmark crude for January delivery rose $1.09 to settle at $78.37 on the New York Mercantile Exchange.

The dollar grew weaker against the euro, which fetched more than $1.50 Tuesday after the European Union said unemployment held steady at 9.8 percent in October....

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