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Higher crude prices means dollars are easier to get overseas and will tend to weaken the dollar.
And the talk is higher oil prices will give the Fed more reason to keep rates low as the higher prices tend to slow growth.
And don’t immediately impact core price measures.
by Grant Smith
Mar 9 (Bloomberg) — OPECÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s record production cuts are draining the glut in world oil markets, leading traders to bet that $50 crude is two months away.
Ever since oil began its 69 percent plunge from a record $147.27 a barrel in July, traders have been looking for a bottom. Now that the Organization of Petroleum Exporting Countries reduced supplies 13 percent since September, inventories are falling 1.4 million barrels a day, according to PVM Oil Associates Ltd., the worldÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s biggest broker of energy trades between banks. OPEC will limit exports again when the group meets March 15, according to a survey by Bloomberg News