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Weak Dollar â??Major Factorâ?? in High Priced Oil

Wednesday, 11 Nov 2009 | 1:10 AM ET

In â??the price formation of commodities and oil, currency is one of the major factors,â? Nobuo Tanaka, executive director at IEA, told CNBC. The weakening dollar is contributing to the higher price of oil, he said, adding that lowered demand for natural gas will affect the climate if other technologies do not materialize.