Currency appreciation makes crude oil less expensive for some oil importers

Brent crude oil prices and the index of the value of the U.S. dollar have generally been moving in opposite directions on a daily basis during the past several months. The two measures are responding to similar economic information—in this case, the outlook for global economic growth and demand expectations. Much of the decline in the U.S. dollar index can be attributed to appreciation in the euro against the U.S. dollar.
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