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Oil prices take a dip

28 November 2010 - 02:00 By Sapa-AFP

World oil prices fell on Friday as the dollar soared against the euro on deepening concern over the eurozone debt crisis and Korea, but trade was muted after the US Thanksgiving holiday.

Brent North Sea crude for delivery in January shed 63 cents to $85.41 a barrel in London trade.

New York's main contract, light sweet crude for January, fell 40 cents to $83.46.

The euro tumbled close to $1.32 in Friday deals, touching a two-month low.

A stronger dollar makes dollar-priced crude more expensive for buyers using weaker currencies, which in turn tends to hit demand and prices.

On Friday, traders also fretted over the impact of Chinese attempts to curb rising inflation.

Inflation pressure was growing in commodities-hungry China, a senior central bank official said. It was being stoked by inflows of capital and expectations of a revaluation of the yuan.

Trade was somewhat subdued on Friday.