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Dollar strength weighs on commodity prices

Oil prices won support from unrest in Libya, helping to offset a surge in US crude inventoriesCommodity prices came under pressure this week from a strong dollar which surged to multi-year highs against the euro. The dollar rallied as the European Central Bank neared the launch of its massive stimulus package and after strong US jobs data raised the possibility of a hike soon to Federal Reserve interest rates. The European single currency on Friday sank to $1.0845 — the lowest level since September 2003. The ECB will meanwhile begin its 1.1-trillion-euro quantitative easing stimulus on Monday.

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