With high interest rates causing dollar strength against a basket of currencies, it seems like the drop in oil was inevitable. In the short term, if prices continue to drop, it would make sense for oil producers to eventually increase production to make up for the shortfall, which would lead to oil prices dropping more. Hopefully, lower oil prices will help bring inflation to the Fed's inflation target to 2% sooner.
https://www.cnbc.com/2023/10/03/oil-falls-in-early-trade-on-strong-us-dollar-profit-taking.html
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