Strengthening of the dollar caused a drop in oil prices

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The strengthening of the US dollar caused a collapse in the oil market on Monday. The price of April Brent futures fell by 1.48% to $61.82 a barrel. March WTI contracts fell 2.64% to $53.80 a barrel. The thaw in the US and Chinese trade dispute has affected the WSJ Dollar index. It tracks dollar quotes against 16 major world currencies and has grown by 0.26%. The reduction in oil production has recently caused a rise in commodity prices, however, a strong dollar has a negative effect on the oil market. The number of drilling rigs decreased by 15 installations to 847 units. This is the minimum figure for nine months. In a survey of Thomson Reuters, analysts suggested that OPEC reduced oil production by 890 barrels per day to 30.98 barrels per day. Half of the cut accounted for Saudi Arabia.

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