Dollar slips on news of Russia cutting oil flow
The dollar retreated against a basket of currencies on Friday as fear that Russia may cut oil supplies to Western Europe spurred oil prices and nudged down the greenback.
The UK's Daily Telegraph reported Russia may restrict shipments in the coming days in response to the European Union's threat of sanctions over its military action in Georgia. Traders said the report was one reason oil was bought and the dollar was sold. The dollar gave up some gains made on Thursday on data showing the U.S. economy grew at a faster pace during the second quarter than initially thought. The dollar index dipped 0.2 percent to 76.952. Oil rose more than $1 to $116.73.
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