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Earlier in the week, crude oil price had fallen after the US Federal Reserve commented about inflationary risk posed by a weak dollar. However, the dollar also could not sustain the rally and fell sharply against the euro after European Central Bank President Jean-Claude Trichet suggested rate hikes were possible this year. Investors turn to commodities when dollar falls as a hedge against the falling dollar. A research report from Angel Commodities says that for mid-term prices outlook is still bullish, as driving season in US and starting of hurricane season may lead to higher oil prices. read more

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