Oil prices in 3% slump

By Dow Jones newswires

A stronger dollar can weigh on oil prices by making the dollar-denominated product more expensive to buyers using foreign currencies. "You've got this double whammy coming through," Matt Smith, commodity analyst at Schneider Electric, said. "A stronger US economy in comparison to these other regions is just driving the dollar," he said. "That's putting pressure on crude, as are these signals of faltering demand from both Europe and China.

Read more here: Business Spectator


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