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"The recent drop in commodity prices acts as a monetary lever loosening conditions," said Sean Darby, a strategist with Jefferies Group. "In particular, this will benefit emerging markets which should be able to cut interest rates further." A stronger dollar also contributed to the drop in oil prices by making crude more expensive for traders using other currencies. On Monday, the euro was down to $1.2420 from $1.2424 late Friday in New York. The dollar rose to 78.10 yen from 78.08 yen. "Poor economic data from the U.S. and China, plus the sovereign-debt crisis in the eurozone, are causing the U.S. dollar to appreciate and are putting equity and therefore also commodities markets under pressure," said analysts at Commerzbank in Frankfurt. "In the near future there is no end in sight to the downward spiral." In other energy trading, heating oil was down 3.48 cents at $2.5931 per gallon while gasoline futures fell 3.11 cents at $2.6257 per gallon. Natural gas gained 5.5 cents at $2.381 per 1,000 cubic feet.
[Associated
Press;
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