US Dollar Could Pressure Crude Oil Prices This Week

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WTI (West Texas Intermediate) crude oil (IEZ) (FENY) (BNO) futures contracts for May delivery fell 0.8% and were trading at $48.4 per barrel in electronic trade at 2:55 AM EST on March 20, 2017.

Prices are trading near a four-month low. However, broader markets such as the S&P 500 (SPY) (SPX-INDEX), the Dow Jones Industrial Average, and the NASDAQ Composite Index are near all-time highs. Bullish momentum in the US stock market could support oil demand and oil prices. For more on crude oil prices, read Part 1 and Part 4 of this series.

The US Dollar Index fell 0.1% to 100.11 on March 17, 2017. The dollar hit a high of 103.8 on January 3, 2017—the highest level in 14 years. The dollar (UUP) had been rising due to the following factors…

 

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