If the US dollar exchange rate weakens, oil will go up.

The Nov Nymex oil futures contract put in a lower high—$109.50 vs. $109.58 the day
before. This seems small but is a big deal. The close was lower, too, $105.73 vs. $106.61 the day
before. One bar doesn’t necessarily mean a move has been derailed but it helps a lot.

Unfortunately, today Algerian oil minister and OPEC president OPEC President Khelil said oil prices may rise as investors use it again as a hedge against the US dollar.

“The price depends on the US dollar, it has nothing to do with oil demand and supply. If the US dollar exchange rate weakens, crude oil futures will go up.''

Buy for Now

Barbara Rockefeller - Forex Trading Reports