Crude-oil futures drop sharply, as dollar rallies

Crude-oil futures posted sharp losses Friday, as a rally in the U.S. dollar weighed on oil prices, which have hit a series of record highs this week.

Crude oil for May delivery fell $1.86 to $113 a barrel in electronic trading on the New York Mercantile Exchange.

"It is Friday and we could be seeing some profit-taking and also the boost in the dollar is having a major impact on prices," said Phil Flynn, vice president of futures brokerage Alaron Trading.

On Thursday, gold futures fell 7 cents to settle at $114.86 a barrel after hitting a record high of $115.54 a barrel earlier in the session.

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- Posted: 2008-04-18 08:46:01

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