Oil prices fall as dollar rally

NEW YORK, May 10 (Xinhua) -- Oil prices retreated Friday as the U.S. dollar surged to a four-year high against the yen.

The U.S. dollar rallied broadly as recent data showed the job market is improving. The number of Americans initially applying for unemployment aid fell to a five-year low last week. In April, the U.S. unemployment rate dropped to 7.5 percent.

The U.S. dollar traded above 100 Japanese yen for the first time since April 2009. The Dollar Index, which tracks the U.S. dollar against other six major currencies, rose as much as 0.8 percent.

The U.S. dollar appreciation triggered a sell-off in oil, as a strong greenback will dampen the demand for dollar-denominated oil and make it less attractive to holders of other currencies.

The rising output also weighed on the oil prices. The Organization of the Petroleum Exporting Countries produced 30.46 million barrels a day last month, up from 30.18 million in March, said the group's Monthly Oil Market Report.

The U.S. Federal Reserve Chairman Ben Bernanke said that the U. S. economy has not yet fully regained jobs lost in the recession triggered by the financial meltdown in 2008 and the U.S. financial system still struggles with consequences of the crisis. He made the remarks at a Chicago Fed conference right after Friday's opening bell.

Light, sweet crude for June delivery lost 35 cents, or 0.36 percent, to settle at 96.04 dollars a barrel on the New York Mercantile Exchange.

Brent for June delivery went down 56 cents, or 0.54 percent, to close at 103.91 dollars a barrel.

Source: http://english.sina.com/business/2013/0510/589566.html

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