Oil prices have moved sharply lower this morning, mostly as a result of strong upside in the U.S. dollar. Earlier in the session, oil fell as low as $115.75 a barrel, and is currently sitting at $116.15.Prices have been dropping since mid July, and today's move comes as the dollar is reacting very positively to the recent decisions of the European Central Bank and the Bank of England to leave their interest rates unchanged. While the dollar still has a long way to go, it is encouraging to see the current rally.
As of today, the euro fell to a five month low versus the dollar, and with the dollar rising against both the British pound, and the Japanese yen, many optimistic analysts are predicting that a long recovery for the dollar is under way.
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