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Crude oil dropped lower on Friday as traders collected some profits the rally to a yearly high. A stronger dollar also hurt oil's hedge value.
Light sweet crude fell to $81.19 per barrel, down 65 cents on the session. Prices slipped as low as $79.82.
Despite falling for the second straight session, oil rose $2.17 for the week. Oil made its big upward move on Wednesday after the Energy Information Administration reported crude inventories increased less than expected.
On Friday, Federal Reserve Chairman Ben Bernanke said Friday that policy makers must now take action to implement programs that would limit the severity of future economic crises.
On the economic front, existing home sales data rose 9.5% to 5.57 million in September. Sales were expected to rise to 5.35 million, compared to 5.1 million in August.
The dollar recovered some of its recent losses against the euro and hovered right at the $1.50 mark. The greenback also surged against the sterling as data showed revealed the British economy failed to exit recession in the third quarter.
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