Oil near 2-1/2-year peak on Middle East and weak dollar
at Wednesday, April 6, 2011
Oil prices stayed near a 2-1/2 year peak on Wednesday supported by widespread unrest in the Middle East and North Africa and dollar weakness ahead of Europe's central bank rate decision on Thursday.Brent crude traded above $122 a barrel at 6:30 a.m. ET and U.S. crude was at $108.20 a barrel -- slightly above and below their respective Tuesday closings.The European central bank is expected to raise interest rates by 0.25 percent on Thursday in the first hike since the 2008 financial crisis. The expectations have propelled the euro to a 14-month high while the dollar index was down 0.35 percent at 6:30 a.m. ET.
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