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Crude oil prices fell below $70 per barrel on Friday as the dollar rose against its European rivals. The decline was the eighth straight for oil.
Light sweet crude for January delivery finished at $69.87 per barrel, down 67 cents on the session.
Oil lost $4.40 per barrel on the week, its biggest weekly loss in more than two months. Crude is down $7.45 in December.
Oil rose as high as $71.20 earlier as the International Energy Agency boosted its 2010 global oil demand forecast to 86.3 million barrels per day, up 130,000 barrels from the previous outlook. The IEA expects 2009 demand of 84.9 million barrels per day, virtually the same as the prior forecast.
The dollar reached a two-month high against the euro and also gained on the pound and yen.
A Commerce Department report showed that retail sales jumped by 1.3% in November following a revised 1.1% increase in October.
The Labor Department revealed that import prices rose 1.7% in November. Export prices advanced 0.8% in November.
Reuters and the University of Michigan said the consumer sentiment index jumped to 73.4 in December from a final reading of 67.4 in November.
And a Commerce Department report showed business inventories edged up by 0.2% in October following a revised 0.5% decrease in September.
All eyes will be on the Fed's interest rate decision next week. The Federal Open Market Committee meeting begins on Tuesday and concludes with an rate decision on Wednesday.
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