Strong Dollar

[bearcatbob]

FWIW: A local radio guy I find very good commented that the world turmoil is strengthening the dollar and leading to a weakness in crude oil pricing.

[dan_s]

Yes, crude oil is traded in U.S. dollars. When it goes up the price of oil goes down and the reverse is true.

[Lemonhawk]

I was curious why the dollar affects the price of oil and found the following comment posted. Seems simplistic but is it an accurate statement?

"Oil prices go up because the cartel of oil countries (OPEC) that are paid in dollars "raise" crude oil to compensate for the loss they take by accepting the weakening dollar."