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Crude Oil Settles At 2-Week High, Dollar Weakens

U.S. crude oil futures settled at a two-week high Monday, mostly on a weak dollar and investor optimism of an economic recovery globally. Crude prices shed about 0.3 percent last week amid some upbeat economic data.

Light Sweet Crude Oil futures for April delivery, gained $1.03 or 1 percent to close at $108.09 a barrel on the New York Mercantile Exchange on Monday.

Crude prices scaled a high of $108.24 a barrel intraday and a low of $106.55.

The euro traded higher against the dollar at $1.3244 on Monday, as compared to $1.3174 late Friday. The euro had scaled a high of $1.3264 intraday with a low of $1.3144.

The dollar index, which tracks the U.S. unit against six major currencies, traded at 79.434 on Monday, down from 79.776 late Friday. The dollar scaled a high of 79.89 intraday, with a low of 79.36.

In economic news from the U.S., a National Association of Home Builders report showed the NAHB/Wells Fargo Housing Market Index at 28 for March, unchanged from the downwardly revised reading for February. Economists expected the index to edge up to 30 from the 29 originally reported for the previous month.

Elsewhere, the eurozone current account surplus increased to euro 4.5 billion in January from euro 3.4 billion in December, the European Central Bank said. The surplus in income account doubled in January and the current transfer deficit narrowed from a month ago. The income account surplus came in at euro 3 billion, up from euro 1.3 billion surplus in December. The deficit in current transfers narrowed to euro 7.3 billion from euro 9 billion.

by RTTNews Staff Writer

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