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Since the April 20 explosion of BP's offshore rig and the ensuing oil spill, oil prices have actually fallen more than 14% to new three-month lows near $70 a barrel. Experts posit that the amount of oil spilling into the Gulf isn't material to the overall supply of the market; there's still plenty of oil to go around, and Europe’s credit struggles have pushed the dollar sharply higher, forcing commodity traders to reprice earlier bets made on a dollar basis to reflect the changing value of the U.S. currency.

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