NEW YORK—The dollar strengthened against major currencies late Tuesday afternoon in New York as oil prices fell within sight of $100 a barrel. The euro was at its lowest point in almost seven months, while the pound hit a 28-month low.

The 15-nation euro fell as low as $1.4465 in European trading Tuesday, climbing back to $1.4518 late in the afternoon in New York. The euro was worth $1.4618 in London Monday afternoon while New York markets were closed for Labor Day. The euro fetched $1.4671 at the end of last week.

Hurricane Gustav weakened and the oil infrastructure ap...

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