This week we begin our weekly series, Oil Watch. We’ll discuss prices, causes, and effects.
Closing price: $88.60 per barrel.
Oil prices skyrocketed this week to over $90 a barrel, before coming down slightly. Meanwhile, gas prices have stayed relatively steady.
1. Weak dollar
A lower dollar makes oil cheaper in countries that use other currencies.
2. Turkey-Iraq tensions
Iraq is still the 14th largest oil producer.
Stock market rattled