NEW YORK (CNNMoney.com) -- Oil prices dropped slightly Wednesday on a stronger dollar and ahead of a weekly government report on crude inventories.
Crude for February delivery fell 30 cents to $78.57 a barrel, after touching a five-week high in the previous session of $79.39 a barrel. A firmer dollar halted oil's 5-day rally as the buck rose to a two-month high against the yen. Crude oil, like other commodities, is priced in dollars, and a stronger greenback weighs on prices.
Full Story: Oil dips ahead of inventory report - CNNMoney.com
Crude for February delivery fell 30 cents to $78.57 a barrel, after touching a five-week high in the previous session of $79.39 a barrel. A firmer dollar halted oil's 5-day rally as the buck rose to a two-month high against the yen. Crude oil, like other commodities, is priced in dollars, and a stronger greenback weighs on prices.
Full Story: Oil dips ahead of inventory report - CNNMoney.com
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