Crude Oil Bolstered by Weaker Dollar; Capped by Debt Ceiling Fears

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Fox Business

The euro jumped to an 11-month high against the U.S. dollar, pulling oil prices higher. Dollar-denominated crude futures become more attractive to buyers in other currencies when the U.S. currency loses value. "The euro's strength comes even in the face of poor industrial data out of Europe, and that's lending support to crude prices today," said Matt Smith, energy analyst at Summit Energy. "There are growing expectations that the euro-zone debt crisis is a thing of last year."

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