USD Goes up, Oil Goes down: Barrel Drops Under $100

Normally this wouldn’t be an event to celebrate, but given that oil surged to a record near $112 a barrel last week, but the fact that today (Tuesday March 25, 2008), light sweet crude for May delivery fell $1.51 to $99.35 a barrel on the New York Mercantile Exchange is a positive change. Even though there are a lot of factors that affect oil prices, many analysts believe that the dollar's recent depreciation was the primary reason oil surged to $112 a barrel last week.