Once again, we're seeing an increase in USD-denominated oil prices accompanied by a depreciating USD, so it was only a matter of time before someone put 1 and 1 together and got 11:
Crude awakening: It's oil about the US dollar: Some people would have you believe
that oil's surge above $60 (U.S.) a barrel is about anticipation of a
global economic recovery. Don't be fooled. This isn't about an
economy's renaissance, but rather a currency's demise.
Oil's rise has been tracking the U.S. dollar's fall in near lock-step over the past two months...
Oil's rise has been tracking the U.S. dollar's fall in near lock-step over the past two months...
I guess it's time to update my series of graphs of oil prices in currencies other than the USD:
Oil prices are up in the US - as well as in Canada, Japan and the euro area.
Some people can't do math.
Posted by: Andrew F | May 22, 2009 at 10:14 PM
Yes, but in Canada and Europe, oil did not surge above 60, it stayed below.
Posted by: asp | May 23, 2009 at 11:30 AM