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Crude Oil Declined on rising U.S Dollar
Declined on rising U.S Dollar
oil dropped below $60 per barrel, and the prices were affected by the release
of upbeat U.S jobs data which pushed the dollar high. In fact, U.S Dollar
rebounded to 11 year high against a basket of major currencies, which has
increased expectations that the Federal Reserve may raise its interest rates
the oil prices were affected by the rising of geopolitical tensions and growing
worries about cutting oil production from Libya
In addition to the rising of U.S inventories .Thus some analysts expect that
U.S crude oil could drop to around $40 per barrel.