Tuesday, November 20, 2007

Depreciating dollar catapults oil prices to midUS$94

Concerns expressed by few OPEC members about the effect of the depreciating US dollar on their revenues, coupled by doubts over a possible output hike by OPEC to ease tight supplies, has caused an oil price hike. OPEC members are considering converting their cash reserves to the euro and away from the "worthless" U.S. dollar that has eroded the value of their reserves.

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