Oil prices in currencies other than the USD

Once again, we're seeing an increase in USD-denominated oil prices accompanied by a depreciating USD, so it was only a matter of time before someone put 1 and 1 together and got 11:

Crude awakening: It's oil about the US dollar: Some people would have you believe
that oil's surge above $60 (U.S.) a barrel is about anticipation of a
global economic recovery. Don't be fooled. This isn't about an
economy's renaissance, but rather a currency's demise.

Oil's rise has been tracking the U.S. dollar's fall in near lock-step over the past two months…

I guess it's time to update my series of graphs of oil prices in currencies other than the USD:

P_oil_currencies4

Oil prices are up in the US – as well as in Canada, Japan and the euro area.

2 comments

  1. Andrew F's avatar
    Andrew F · · Reply

    Some people can’t do math.

  2. asp's avatar

    Yes, but in Canada and Europe, oil did not surge above 60, it stayed below.

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