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September 11, 2009

Oil moves above $72 a barrel as dollar weakens

Oil prices extended their recent rise Friday as the dollar fell to a fresh low for 2009, providing a boost to crude and other commodities.

Benchmark crude for October delivery was up 29 cents at $72.23 a barrel on the New York Mercantile Exchange. On Thursday, the contract rose 63 cents to settle at $71.94.

Natural gas, which soared 15 percent on Thursday, inched higher again on Friday.

The 16-nation euro bought $1.4613 in European trading, up from $1.4585 late Thursday in New York and the highest level so far in 2009.

Crude is priced in dollars so it becomes cheaper when the dollar falls. Some investors also use commodities such as oil and gold as a hedge against inflation and dollar weakness. Gold was back above $1,000 an ounce on Friday.

Oil has jumped more than $4 this week as investors eyed rising stock markets and a slumping U.S. dollar.

"Once again, the dollar is controlling everything," PGFB analyst Phil Flynn said.

Prices at the pump rose 0.4 cents overnight to $2.58 a gallon, according to AAA, Wright Express and Oil Price Information Service. Prices at the pump are 6.5 cents below levels of a month ago and down $1.091 from a year ago.

In other Nymex trading, gasoline for October delivery rose 0.96 cents to $1.8132 a gallon, and heating oil climbed 0.8 cents to $1.7965 a gallon. Natural gas was up 6.4 cents to $3.32 per 1,000 cubic feet.

In London, Brent crude rose 34 cents to $70.20 on the ICE Futures Exchange.

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