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Crude futures rise above $78.00 on weak dollar
USD/CHF recovers slightly from 6-month lows
USD/JPY falls to 86.54, 1-week low
EUR/USD holds above 1.3060
 
Crude futures rise above $78.00 on weak dollar
2010-07-29 19:36 GMT
FXstreet.com (Barcelona) - Crude oil is attempting to snap a two-day losing streak, breaking higher Thursday on an improved risk appetite and weaker US dollar. Towards the end of the New York session, the most active contract for September delivery trades at $78.41 a barrel where it is up $1.50 since the opening price. Crude oil for September retreated from an intraday high at $78.89 recently as Wall Street dipped into negative territory on a day of choppy trading. With equities paring those mid-day losses however, crude is once again buoyed on fragile optimism settling around $78.50. A weak US dollar is also helping to lift commodity prices higher today, with the EUR/USD at a 12-week high consolidating above 1.3000.