Oil Prices - March 17
Posted: Thu Mar 17, 2016 11:01 am
One thing helping crude oil prices is the falling U.S. dollar. The Fed's comments yesterday are helping push the dollar lower.
See: http://www.marketwatch.com/investing/index/dxy/charts
Crude oil trades are made in U.S. dollars, so when the dollar goes down (against a basket of other currencies) the price of oil goes up.
Also: Qatari oil minister Mohammed Bin Saleh Al-Sada said producers from within and outside OPEC will meet in Doha on April 17 to discuss plans for a freeze in output. The initiative was supported by around 20 OPEC and non-OPEC producers, accounting for about 73% of global oil production, according to Venezuela’s Oil Minister.
See: http://www.marketwatch.com/investing/index/dxy/charts
Crude oil trades are made in U.S. dollars, so when the dollar goes down (against a basket of other currencies) the price of oil goes up.
Also: Qatari oil minister Mohammed Bin Saleh Al-Sada said producers from within and outside OPEC will meet in Doha on April 17 to discuss plans for a freeze in output. The initiative was supported by around 20 OPEC and non-OPEC producers, accounting for about 73% of global oil production, according to Venezuela’s Oil Minister.