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Strong Dollar
Posted: Sun Aug 03, 2014 1:09 pm
by 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.
Re: Strong Dollar
Posted: Sun Aug 03, 2014 3:07 pm
by 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.
Re: Strong Dollar
Posted: Thu Aug 14, 2014 6:51 pm
by 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."