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Oil prices up as dollar falls

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Oil prices up as dollar falls

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The price of oil in the US rose over $112 a barrel at one stage on Monday and Brent was also boosted to over $105. That is because the US government’s financial rescue plan caused the dollar to slide and it was seen by investors as inflationary. In addition Saudi Arabia cut output. Traders remain worried about the exact workings of the US rescue plan and what that will mean for the world’s biggest economy and demand for oil.