Is oil price declining? Here are related topics on oil price and find out if the oil market is already stable.
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The strengthening dollar has atributed the lowering of oil price. Few weeks ago, oil price was at near-$120 per barrel. As the grrenback recovered this week against euro and yen, New York Mercantile Exchange has recorded a drop of $8 from its high level of US$120 per barrel.
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Crude oil prices yesterday slipped more $US3 a barrel, the slip is described by analysts as the biggest recorded in one month, after BP restarted a North Sea oil pipeline and the dollar strengthened, reducing the appeal of commodities to investors.
---------------Oil prices fell slightly Thursday as the dollar strengthened against the euro on a smaller-than-anticipated interest-rate cut from the U.S. Federal Reserve.
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Prices have eased since striking a record high of $119.93 in New York last Monday during a Scottish refinery strike and related pipeline closure.
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