The strengthening of the US dollar caused a collapse in the oil market on Monday. The price of April Brent futures fell by 1.48% to $61.82 a barrel. March WTI contracts fell 2.64% to $53.80 a barrel. The thaw in the US and Chinese trade dispute has affected the WSJ Dollar index. It tracks dollar quotes against 16 major world currencies and has grown by 0.26%. The reduction in oil production has recently caused a rise in commodity prices, however, a strong dollar has a negative effect on the oil market. The number of drilling rigs decreased by 15 installations to 847 units. This is the minimum figure for nine months. In a survey of Thomson Reuters, analysts suggested that OPEC reduced oil production by 890 barrels per day to 30.98 barrels per day. Half of the cut accounted for Saudi Arabia.
Russian version
Well these are bad news for Vemezuela, a place that is oil dependant.
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