Oil Goes Up as Dollar Goes Down

A simultaneous increase in demand for oil on the part of China and wave of worry over the state of the US dollar resulted in the price of oil rising and the value of the dollar falling on Friday. For the most part, the rise in the price of oil comes off the back of the softening of the dollar.
Since oil is traded in dollars around the world, the value of the dollar and the price of oil are intertwined. The dollar continues to buckle under the burden of a huge load of debt and it suffers from analysts’ doubt …read more