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Strong Dollar Hits Oil Prices

the wa -- Crude-oil futures are lower Friday as traders continue to take their cue from a firm dollar in the absence of bullish economic news.

The euro resumed the downtrend against the dollar in Europe Friday morning mainly due to growing concern over Greece's debt problem. Traders are worried the Greek debt crisis, as well as deficit problems in other European countries, may continue to pressure the euro for a long time.

Partly due to this, traders have been reluctant to push crude oil higher despite the fact that the fundamentals of crude oil have been improving.

"The trade remained very technical, and no one was willing to buy on fundamental news alone, instead keeping an eye on the currency market," said Andrey Kryuchenkov, vice president of commodities research of VTB Capital.

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Submitted Mar 19, 2010 By: billbearAL

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kelsielee Champion Author Atlanta Posts:3,389 Points:672,025 Joined:Sep 2008	Message Posted: Mar 21, 2010 9:25:54 AM Ignore kelsielee Report Abuse Glad to hear about even a small reprieve in oil prices. I just wish that the fundamentals of supply and demand for the product had more impact on the price of oil (than other factors, such as market speculation).
glorioussnookie Champion Author Tennessee Posts:2,206 Points:502,350 Joined:Feb 2010	Message Posted: Mar 20, 2010 10:02:08 AM Ignore glorioussnookie Report Abuse I totally agree with ENORMS!
phurburger Champion Author Atlanta Posts:2,555 Points:530,670 Joined:Oct 2005	Message Posted: Mar 19, 2010 10:05:52 PM Ignore phurburger Report Abuse Well, don't ya know. The dollar being stronger has everyone buffaloed.
AnObserver Champion Author New Jersey Posts:6,290 Points:1,845,210 Joined:Sep 2005	Message Posted: Mar 19, 2010 1:24:04 PM Ignore AnObserver Report Abuse That old black magic of speculation
ENORMS Champion Author Colorado Posts:3,014 Points:1,174,060 Joined:Sep 2006	Message Posted: Mar 19, 2010 12:58:13 PM Ignore ENORMS Report Abuse The speculators keep pushing up the price of oil until it kills the economy and puts more people out of work.
rx7racerca Champion Author Calgary Posts:2,593 Points:710,245 Joined:Sep 2008	Message Posted: Mar 19, 2010 11:30:35 AM Ignore rx7racerca Report Abuse murushi wrote: <Just stop trading oil like global investment tool. Treat it like any other commodity. Like corn> What the heck does this mean, anyway? Oil is traded as a commodity, just like corn and others, including futures contracts. So it appears you somehow want markets to treat oil differently, not the same. Barring that we somehow "nationalize" global oil supplies like Venezuala, and essentially give it away (a communist fantasy world), I don't see how that would work. Traders are going to want to profit from the difference between buying and selling prices, regardless of whether it's going up or down in price - just like stocks, or other commodities. I wonder how many people who complain of the big bad speculator boogy man actually understand how speculation works, or markets generally?
cruisingtx Champion Author San Antonio Posts:1,482 Points:974,420 Joined:Jan 2009	Message Posted: Mar 19, 2010 10:59:58 AM Ignore cruisingtx Report Abuse What will tomorrow bring?
glorioussnookie Champion Author Tennessee Posts:2,206 Points:502,350 Joined:Feb 2010	Message Posted: Mar 19, 2010 10:57:42 AM Ignore glorioussnookie Report Abuse I totally agree with murushi! This speculation is insane!
Night Owl Champion Author Toronto Posts:5,280 Points:1,335,675 Joined:Jul 2004	Message Posted: Mar 19, 2010 10:50:25 AM Ignore Night Owl Report Abuse Oil speculation needs to be stopped. Enough is enough.
murushi Champion Author Ontario Posts:5,791 Points:1,080,150 Joined:Jul 2008	Message Posted: Mar 19, 2010 10:32:54 AM Ignore murushi Report Abuse Just stop trading oil like global investment tool. Treat it like any other commodity. Like corn.
wegman Champion Author Twin Cities Posts:5,501 Points:1,629,585 Joined:Jun 2001	Message Posted: Mar 19, 2010 10:26:13 AM Ignore wegman Report Abuse It is impolite to post 'subscriber only' stories. That said, Europe is a mess, and that is good for the dollar. Hopefully good for gas prices.
danny999 Champion Author Florida Posts:6,360 Points:1,174,110 Joined:Oct 2008	Message Posted: Mar 19, 2010 10:24:49 AM Ignore danny999 Report Abuse The dollar is only strong,to those that have it.The 15 percent of the US that are out of work could care less how strong or week it is.
CPapi Veteran Author Chicago Posts:349 Points:84,000 Joined:Nov 2009	Message Posted: Mar 19, 2010 10:24:40 AM Ignore CPapi Report Abuse Temperature is supposed to drop from 70 yesterday to 40 tomorrow. Spring and the higher prices with increased driving are right around the corner though
spunky4443 Champion Author Washington Posts:4,756 Points:1,215,915 Joined:May 2005	Message Posted: Mar 19, 2010 10:24:03 AM Ignore spunky4443 Report Abuse I would imagine that there is a lot of excess oil out there, the price has to come down.
Rick52 Champion Author Milwaukee Posts:9,433 Points:740,285 Joined:Mar 2005	Message Posted: Mar 19, 2010 10:23:12 AM Ignore Rick52 Report Abuse This is their seasonal Game run up the price then let it settle down ... And it settles down to right were they wanted it to be ... Everyone thinks they are getting a deal at the lower price .... The B S GAME !!!!!
ACTown Champion Author Oregon Posts:1,857 Points:1,121,500 Joined:Jun 2007	Message Posted: Mar 19, 2010 10:21:15 AM Ignore ACTown Report Abuse UP UP and away, and we can not stop it.
MG_Sputnik Champion Author Philadelphia Posts:5,159 Points:1,503,630 Joined:Apr 2006	Message Posted: Mar 19, 2010 10:19:37 AM Ignore MG_Sputnik Report Abuse I still see gas prices getting to around $3.25 by Memorial Day.
Sealer Champion Author Charleston Posts:5,653 Points:838,400 Joined:Jan 2008	Message Posted: Mar 19, 2010 10:18:57 AM Ignore Sealer Report Abuse Global demand is increasing.
CharlieC08 Champion Author Colorado Posts:6,394 Points:1,154,200 Joined:Oct 2008	Message Posted: Mar 19, 2010 10:15:30 AM Ignore CharlieC08 Report Abuse The stronger dollar would help us in the oil market but would also raise interest rates.
Rick52 Champion Author Milwaukee Posts:9,433 Points:740,285 Joined:Mar 2005	Message Posted: Mar 19, 2010 10:15:12 AM Ignore Rick52 Report Abuse Strong Dollar ???? I want to see Oil drop $ 5-10 a barrel .... In one Day !!!! Send those Speco's running ..........
FlyNFool Champion Author South Carolina Posts:5,965 Points:1,224,230 Joined:Aug 2008	Message Posted: Mar 19, 2010 10:15:02 AM Ignore FlyNFool Report Abuse I wouldn't call the dollar strong.
Patch44 Champion Author Buffalo Posts:5,603 Points:1,358,385 Joined:Oct 2007	Message Posted: Mar 19, 2010 10:12:40 AM Ignore Patch44 Report Abuse Looks like the 80-85 dollar range will be here for a while, which means gas prices will remain high.
Lizzylou Champion Author Stockton Posts:7,040 Points:2,003,075 Joined:Oct 2005	Message Posted: Mar 19, 2010 10:09:15 AM Ignore Lizzylou Report Abuse UP ONE DAY DOWN THE NEXT!
Ready Eddie Champion Author Twin Cities Posts:3,415 Points:882,100 Joined:Feb 2003	Message Posted: Mar 19, 2010 10:07:29 AM Ignore Ready Eddie Report Abuse Just another excuse.
bluenvoy Champion Author Nashville Posts:11,578 Points:1,502,465 Joined:Oct 2005	Message Posted: Mar 19, 2010 10:05:00 AM Ignore bluenvoy Report Abuse The dollar is strong today and will be weak tomorrow. It all trader BS.
Diesel_Ram Champion Author Dallas Posts:4,232 Points:1,057,255 Joined:Jan 2009	Message Posted: Mar 19, 2010 10:03:59 AM Ignore Diesel_Ram Report Abuse That has not helped here.
goalie1950 Champion Author Phoenix Posts:4,059 Points:832,295 Joined:Oct 2009	Message Posted: Mar 19, 2010 10:02:52 AM Ignore goalie1950 Report Abuse Speculators are still controlling what oil prices do in the market.
cudatim Champion Author San Antonio Posts:2,186 Points:1,081,930 Joined:Jan 2007	Message Posted: Mar 19, 2010 10:02:15 AM Ignore cudatim Report Abuse OK, waiting for the price drop in gas at the pump.
mackconsult Champion Author Portland Posts:3,703 Points:705,160 Joined:Jan 2009	Message Posted: Mar 19, 2010 10:01:31 AM Ignore mackconsult Report Abuse what ever happened to suppl and demand models
playtimeCLE Champion Author Cleveland Posts:5,915 Points:1,093,450 Joined:Nov 2008	Message Posted: Mar 19, 2010 10:01:08 AM Ignore playtimeCLE Report Abuse Is this article as quaint as the next article is suggesting???
tobasco Champion Author Los Angeles Posts:6,758 Points:1,758,270 Joined:Mar 2004	Message Posted: Mar 19, 2010 10:00:10 AM Ignore tobasco Report Abuse With the Euro zone problems, the dollar is now the safe haven.
jd2009 Champion Author Honolulu Posts:3,315 Points:1,031,250 Joined:Jan 2009	Message Posted: Mar 19, 2010 9:59:44 AM Ignore jd2009 Report Abuse Good news
maske_2222 Champion Author Manitoba Posts:5,709 Points:1,158,615 Joined:Oct 2008	Message Posted: Mar 19, 2010 9:59:25 AM Ignore maske_2222 Report Abuse blaim it on the tooth ferry......
BlueVanGroup Champion Author Colorado Posts:4,797 Points:1,072,350 Joined:May 2008	Message Posted: Mar 19, 2010 9:59:17 AM Ignore BlueVanGroup Report Abuse The other article indicates that U.S. oil demand is not as significant relative to the rest of the world as it once was. This article shows that concern over a possible default in Greece is causing the Euro to collapse faster than the dollar. Oil prices in Euros go up; oil prices in dollars not so much. Don't worry--the folks in Washington are working as hard as they can to collapse the dollar as well.
9C1 Champion Author Chicago Posts:20,413 Points:3,790,860 Joined:Jul 2001	Message Posted: Mar 19, 2010 9:59:04 AM Ignore 9C1 Report Abuse As the economy improves the price of gasoline will go up. No news there.
206awd250 Champion Author Seattle Posts:1,260 Points:521,155 Joined:Nov 2008	Message Posted: Mar 19, 2010 9:58:40 AM Ignore 206awd250 Report Abuse still over 80 and still not coming down fast enough.
tnsilvertip Champion Author Tennessee Posts:1,276 Points:481,855 Joined:Oct 2005	Message Posted: Mar 19, 2010 9:58:18 AM Ignore tnsilvertip Report Abuse The article says "Expectations that global oil demand will continue to improve have kept prices from falling. But concern about the pace of recovery, and high supply levels, are limiting ...". Ain't it great, hope overcomes reality again. Dumb bas**rds won't admit they are part of the slow recovery. But they are making money so it's OK, right?
Wolfwings Champion Author Delaware Posts:6,413 Points:1,315,140 Joined:May 2004	Message Posted: Mar 19, 2010 9:57:59 AM Ignore Wolfwings Report Abuse The less oil we use, the lower the price. Oil expires after being refined, so refineries must sell their product in a short period of time.
DRHCNY Champion Author New York Posts:1,858 Points:552,990 Joined:Oct 2007	Message Posted: Mar 19, 2010 9:57:44 AM Ignore DRHCNY Report Abuse Hold your ground.
DieselKat Champion Author Tennessee Posts:2,612 Points:1,864,720 Joined:Oct 2005	Message Posted: Mar 19, 2010 9:57:05 AM Ignore DieselKat Report Abuse They will blame it on anything.
throttle Champion Author Maryland Posts:10,421 Points:2,156,120 Joined:Jul 2004	Message Posted: Mar 19, 2010 9:56:19 AM Ignore throttle Report Abuse I agree with TallSteve.
rasprout Champion Author Tacoma Posts:2,610 Points:835,705 Joined:Jun 2009	Message Posted: Mar 19, 2010 9:56:16 AM Ignore rasprout Report Abuse Lets make up our minds children... Either price is up or price is down, which is it...
TallSteve Champion Author Dayton Posts:4,388 Points:884,800 Joined:Nov 2006	Message Posted: Mar 19, 2010 9:55:05 AM Ignore TallSteve Report Abuse Uh, oil is still selling for over $82/barrel. A $.17 drop in the price of oil is nothing...unless they're trying to make us grateful by saying that if not for the 'strong' dollar oil would continue to climb towards the $88/barrel price they referenced earlier in the week.
Don20 Champion Author Oklahoma City Posts:7,302 Points:2,155,120 Joined:Mar 2005	Message Posted: Mar 19, 2010 9:53:50 AM Ignore Don20 Report Abuse Maintroll: We can vote the bas*&%^$ out come November this year. This Article is just the reverse of the first article. Don't forget the speculators running up the price..
bababooey2 Champion Author Hartford Posts:3,995 Points:837,890 Joined:Sep 2009	Message Posted: Mar 19, 2010 9:51:25 AM Ignore bababooey2 Report Abuse I smell BS
TopGunn Champion Author Baltimore Posts:6,826 Points:2,151,330 Joined:Aug 2004	Message Posted: Mar 19, 2010 9:50:27 AM Ignore TopGunn Report Abuse Here today - gone tomorrow. It is all a numbers game.
kyrunner Champion Author Lexington Posts:6,605 Points:1,234,365 Joined:Aug 2008	Message Posted: Mar 19, 2010 9:50:16 AM Ignore kyrunner Report Abuse Isn't it tough being a speculator? RIGHT! You can screw the whole bunch as far as I am concerned.
VTROCK Champion Author Detroit Posts:2,582 Points:645,430 Joined:Sep 2008	Message Posted: Mar 19, 2010 9:48:26 AM Ignore VTROCK Report Abuse Hoe does this jive with the last article posted that says the U.S no longer controls the price of oil?
Maintroll Champion Author Lexington Posts:6,291 Points:1,238,635 Joined:Aug 2008	Message Posted: Mar 19, 2010 9:48:01 AM Ignore Maintroll Report Abuse The USA needs to get back in control of all situations, but what can we do with the derelicts that we have in the White House and Congress?
fullauto Champion Author Reading Posts:3,322 Points:1,069,500 Joined:Apr 2008	Message Posted: Mar 19, 2010 9:46:52 AM Ignore fullauto Report Abuse never traded currency. smaller brain than others.