Oil Prices Dropped And US Dollar Became Stronger

New York, Oct 20: On Monday, Oil prices dropped as the stronger US dollar made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

On Monday, Xinhua reported that the US dollar increased against the euro as expectations for more stimulus in Eurozone accumulated before an European Central Bank (ECB) meeting organized later this week.

The ample supplies thrashed down the market. The International Energy Agency (IEA) expected crude market to remain oversupplied for the year of 2016.

Last week, the IEA predicted in a report that the global demand extension to slow in 2016 as price support is likely to wane.

Traders were planning to have a meeting on Wednesday, for the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC delegates in the capital of Austria, Vienna. Last week, Russia said  it was prepared to discuss the global results.