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Crude oil hits seven-month high

The price of crude oil has risen to a seven-month high, with US stockpiles dropping and the euro rate climbing against the US dollar.

Lately, investors have been switching from treasuries to other asset classes that are primarily commodities. The expectations of the further weakening of the dollar have lead to crude oil to climb above USD71, which is a seven-month high.

With liquidity and more money sharply pushing into the commodities markets through rises in agriculture, metals, and energy, the oil market is rising. Goldman Sachs Group Inc. has recommended their clients buy more currency as they suggest that the euro rates may increase for a second straight day in relation to the performance of the commodities market. Early in the morning the dollar was trading for USD1.4137.

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The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.

Please note: All rates are subject to change, for the latest up-to-date rates check our Currency converter

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