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Saturday, June 11, 2011

Oil falls on Saudi crude, strong dollar | Agri-commodity prices remain steady

Saudi Arabia was offering more oil to Asian customers
Oil prices fell sharply on Friday on news Saudi Arabia was offering more oil to Asian customers, with additional pressure from a stronger dollar and weak equities.Technical and Fundamental Analysis of Crude Oil

Brent's premium to U.S. crude hit a record high for a second time this week, moving above $19 a barrel, supported by sweet crude production shut in by Libya's conflict and disrupted North Sea production.

The dollar index strengthened as the euro fell across the board, and uncertainty about Greece's debt problems and a slowing U.S. economy boosted risk-averse sentiment and pressured dollar-denominated oil prices.

U.S. stocks fell, with the S&P 500 Index down more than 1 percent and the Nasdaq turning negative for the year as Wall Street resumed its pull-back on concerns about an economic slowdown.
 Agri-commodity prices remain steady
The following are the wholesale rates of various agri-commodities today (in rupees per quintal, except where stated otherwise): tur dal Rs 6,000, urad dal Rs 6,400, moong dal Rs 6,600, gram dal Rs 2950, sugar Rs 2,700, wheat Rs 1,800, maida (90 kg) Rs 1,600 and sooji (90 kg) Rs 1,800.
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