May 19, 2016 6:37 PM

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Global crude oil prices fall, pressured by stronger dollar

Global crude oil prices fell, today, pressured by a stronger dollar, and as a surprise increase in U.S. crude inventories served as a reminder that supply remains ample despite output problems. So, Brent crude oil futures slumped 1.29 dollars, to 47.64 dollars a barrel. U.S. crude fell 1.06 dollars, to 47.13 dollars a barrel. Supply losses in Canada and Nigeria have lent support, but cooler weather was expected to help firefighters battling Canadian wildfires. And Exxon Mobil is reportedly boosting output at Nigeria's largest crude stream. Oil and other commodities came under pressure from the dollar, which firmed up as the minutes of the Federal Reserve's latest policy meeting rekindled expectations for an interest rate increase.

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