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Oil drops on China worries, strong US dollar

FXStreet (Mumbai) - Oil prices came under pressure on Friday tracking the sharp losses in the Chinese stocks and a rise in the USD index top three figures.

At the time of wirting, the WTI Jan futures were down 1.78% or 77 cents near USD 42.25/barrel. Brent Jan futures were relatively resilient; down just 4 cents at USD 45.45/barrel.

Both crude futures appear on track for small weekly gains, but were down by roughly 9% since the beginning of November.

The drop was triggered by a data in China which showed fell 4.6% in October from a year earlier. This along with regulator crackdown led to a sharp drop in the chinese stocks, which weighed over oil prices.

Meanwhile, the USD index rose back into three figures, making oil and other commodities costlier in the non-USD terms.

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