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Oil prices plunge amid strong US dollar

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IANS New York
Last Updated : Oct 20 2015 | 8:57 AM IST

Oil prices dropped on Monday as the stronger US dollar made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

The US dollar increased against the euro on Monday as expectations for more stimulus in Eurozone accumulated before an European Central Bank (ECB) meeting scheduled later this week, reported Xinhua.

Market was dragged down by the ample supplies. The International Energy Agency (IEA) expected crude market to remain oversupplied for the year of 2016.

The IEA predicted in a report last week that the global demand growth to slow in 2016 as price support is likely to wane.

Traders were looking forward to a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC delegates in Vienna, the capital of Austria, on Wednesday. Russia said last week it was prepared to discuss the global output.

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First Published: Oct 20 2015 | 8:44 AM IST

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