20 October 2009

Oil up to over $80

Overnight, the oil prices kept growing until the price of US crude reached over $80 a barrel - exactly as had been predicted earlier in the year by the oil cartel Opec.

The price was helped by the continuing weakness of the US dollar, combined with growing oil demand and hopes for an economic recovery there.

On the other hand, there is growing concern that the dollar needs to be strengthened.

Head of the US Federal Reserve Ben Bernanke said that there needed to be action against the so-called “global imbalances” within the currency market.

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