It seems that every world event helps to influence the crude price, every happening around the globe has a negative reaction on the " black gold ", this time its the continues dollar fluctuations that are causing uncertainty.. as the dollar fell to a record low against the euro on speculation that the U.S. Federal Reserve will keep cutting U.S. interest rates.
The dollar posted the biggest weekly losses versus the euro since March as the Fed's half-percentage-point interest-rate cut on Sept. The Fed's trade- weighted dollar index sank to its lowest in 36 years.
During this week the dollar may go even lower....The U.S. currency fell 1.6 percent this week to $1.4091 per euro and touched $1.4120 last week, the lowest since the euro's inception in January 1999.
Seeing the present situation i think the Dollar weakness will drag on, the crisis is not over and the Fed is likely to cut rates further.
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