Again on Tuesday, oil prices dropped sharply to below $72 a barrel as the U.S. dollar gained ground on the euro. Commodity trends often oppose those of currency; as the dollar falls, investors are likely to lean into commodities, selling off when the currency strengthens. Crude oil prices are now half of what they were in July, when an all-time high of $147.27 was reached. Friday’s OPEC meeting should shed more light on the future of crude prices; a hefty production decrease could stave off a sharp drop, although severely decreasing global demand has some experts expecting prices as low as fifty dollars a barrel.
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