ING cuts four European oils to sell, Total to hold
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#1 Jul 17, 2007
As long as the US Dollar remains weak, I believe you will see an increase in oil prices. We have to realize that the OPEC countries need to keep their economies in tact. Selling their oil which is pegged in US Dollars is not in their best interest. There has been talk that they want to set the Barrel Price Benchmark in EUROs which is selling at a premium to the US Dollar. Substituting the EURO for US Dollars is no different than changing out a DOW stock in the INDEX. The dollar is not a welcome currency at this present time. If you were a OPEC country would you rather have EUROs or US Dollars.
TO OFFSET THIS WEAK DOLLAR THEY ARE GOING TO HAVE TO INCREASE THE PRICE OF OIL TO MAKE UP FOR THE WEAKNESS IN THE US DOLLAR
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