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Oil tumbled in Asian trade today on a stronger dollar as investors flocked to the safe-haven currency after the US central bank warned of significant downside risks to the American economy.
A strong greenback makes dollar-priced crude more expensive to holders of other currencies, softening demand and leading to lower prices.
New York’s main contract, West Texas Intermediate for November delivery, was down $1.21 at $84.71 a barrel in morning Asian trade, and Brent North Sea crude for November dropped $1.26 to $109.10.
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