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Crude prices drop even as dollar swoons
Crude prices fell on Friday before the weekend despite the large decline of the dollar against a basket of rivals, helping other commodities eke out gains.
U.S. crude futures last traded at $48.82 a barrel, compared to the opening price of $49.02, with an intraday high at $49.37, and a low at $48.59.
Crude's losses came after OPEC meeting yesterday ended without a decision on capping production, raising worries of a persistent global glut.
The dollar fell against a basket of rivals to a three-week low after the payrolls report showed a much lower than expected rise in new jobs last month.
The dollar index, with gauges the U.S. currency against a basket of major rivals, last traded at 94.25, compared to the opening of 95.56, with a session-high at 95.63, and a three-week low at 94.09, with the index nearing its first weekly loss after four weeks of gains.
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