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July 22, 2008

The U.S. dollar firmed up against a basket of currencies today as crude oil futures declined upwards of $4 a barrel.  The price of crude oil had previously rallied $2 a barrel as oil production was expected to be disrupted by tropical storm Dolly, brewing off the Gulf of Mexico.  However, crude prices began tumbling as it became apparent today that Dolly was steering clear of the threatened area that accounts for 25% of all U.S. oil output.  As crude prices have fallen $21 a barrel from the July 11th high many analysts now believe a top may be in place.