Crude oil has fallen for a second straight day following in the footsteps of European and Asian equity markets. The fall can be attributed to the strengthening of the dollar, in turn reducing the investment appeal of commodities. The recent gains of the dollar are reducing demand for dollar priced assets such as oil to hedge against inflation.
Earlier, rising equity markets increased the spirits for investors while the falling dollar boosted interest in precious commodities, increasing oil by 51% this year. However, the recent strengthening of the dollar has already decreased crude oil delivery for July by 2.4 percent, and has major implications on the commodity sector overall.
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