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Oil falls as firm US dollar, China economy counter 7-week rally
Oil prices eased on Monday as concerns about China's faltering economic recovery and a stronger dollar weighed against seven weeks of gains on tightening supply from OPEC+ output cuts. Brent crude futures fell 73 cents, or 0.84 per cent, to $86.08 a barrel by 0330 GMT while U.S. West Texas Intermediate crude was at $82.48 a barrel, down 71 cents. Prices slipped as the U.S. dollar index extended gains after a slightly bigger increase in U.S. producer prices in July lifted Treasury yields despite expectations the Federal Reserve is at the end of hiking interest rates. A stronger dollar pressures oil demand by making ... (full story)