Oil falls and the dollar rises after Trump’s election
Oil prices fell more than one percent on Wednesday, after Republican Donald Trump elected president of the United States, pushing the dollar up.
Brent crude futures fell $1.32 percent to $74.53 a barrel, while U.S. WTI fell 93 cents, or 1.29 percent, to $71.06 a barrel.
In addition to the impact of the appreciation of the dollar on commodity prices, Trump’s presidency could lead to policies that could increase pressure on the Chinese economy, weakening oil demand in the world’s largest crude oil importer, according to independent analyst Tina Teng.
The dollar is heading for its largest daily rise since March 2020 against its major counterparts with the launch of the so-called “Trump deals”.
The appreciation of the US dollar makes goods denominated in the US currency such as oil more expensive for holders of other currencies.
https://alforatnews.iq/news/النفط-يتراجع-والدولار-يرتفع-بعد-انتخاب-ترامب
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