Oil Prices Fall Sharply on Strong Dollar, Fed

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Oil Prices Fall Sharply on Strong Dollar, Fed

US benchmark oil prices drop 3.8% to $100.74 a barrel, reversing all of last week’s 2.6% gains and then some. “Commodities tumble on the strong dollar and expected rate hikes this week,” Spartan Capital’s Peter Cardillo says in a research note. “However, we see oil prices holding firm around this level ahead of this week’s OPEC + meeting. In fact, we expect the group to stay the course of gradual hikes of production, thus setting the stage for another run up towards the $108 level.”