Crude Oil prices reached $74 a barrel on Friday as investors focused on U.S. Gross Domestic Product data for the 4th quarter that is expected to show strong growth. Prices were slightly lower Thursday after the U.S. dollar rose to its highest level in more than 6-months against the EUR, which fell on concern over potential fiscal crises in European economies including Greece and Portugal. A stronger Dollar often indicates investors are funneling cash away from riskier assets such as commodities. It also can curb demand for crude oil from buyers who hold other currencies, since oil is priced in dollars.
Friday, May 24, 2013 As of 5:21 AM EDT
U.S. EDITION
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