Oil falls $5, Dollar goes up
- added July 07, 2008
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- Ice_cream_Man
- added this
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Bloomberg.com:
"Crude oil fell more than $5 a barrel as the dollar rose to a one-week high against the euro amid speculation that leaders from the Group of Eight industrialized nations will signal support for the currency.
Oil fell for the first session in four as commodities such as gold and silver also dropped. Investors used commodities to hedge declines in the U.S. currency as it reached a record low against the euro this year. President George W. Bush said yesterday that ``the U.S. believes in a strong-dollar policy.''
``Whenever the dollar strengthens, that makes commodities more expensive for everyone else in the world,'' said Peter Beutel, president of energy consultant Cameron Hanover Inc. in New Canaan, Connecticut. ``It makes them less willing to buy oil.''
-Hopefully these prices continue to drop.
"Crude oil fell more than $5 a barrel as the dollar rose to a one-week high against the euro amid speculation that leaders from the Group of Eight industrialized nations will signal support for the currency.
Oil fell for the first session in four as commodities such as gold and silver also dropped. Investors used commodities to hedge declines in the U.S. currency as it reached a record low against the euro this year. President George W. Bush said yesterday that ``the U.S. believes in a strong-dollar policy.''
``Whenever the dollar strengthens, that makes commodities more expensive for everyone else in the world,'' said Peter Beutel, president of energy consultant Cameron Hanover Inc. in New Canaan, Connecticut. ``It makes them less willing to buy oil.''
-Hopefully these prices continue to drop.
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- Ice_cream_Man
- 5 months ago
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