Oil is traded in dollars; that brings in exchange rates
While supply and demand are doubtless the most crucial factors in determining oil price, they are not the only key variables.

Almost every country, with the exception of Iran and Venezuela, trades oil in dollars. This means that the strength of the dollar at least partially drives the price of oil. A strong dollar keeps oil prices low, while a weak dollar exerts inflationary pressure on prices.

At this month’s Energy Finance Discussion Group in Denver, Hein Principal Jim Harden ex...

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