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Oil turns lower as dollar trims early losses

Published 03/05/2016, 12:32
Updated 03/05/2016, 12:32

Investing.com - Oil prices turned lower on Tuesday as the dollar pared back early losses and as rising Middle East output and fears over China's economic health weighed.

Brent oil was trading at $45.47 per barrel at 09:19 GMT, down 36 cents or 0.79%. U.S. crude futures were down 40 cents or 0.89% at $44.38 a barrel.

Oil had risen earlier as the dollar slumped, making purchases of dollar-denominated commodities cheaper for countries using other currencies.

Concerns that rising output in the Middle East is offsetting declining U.S. production weighed on prices.

Data showing that China's manufacturing sector shrank for a 14th straight month in April also weighed on the demand outlook for oil.

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