BRICS: Oil Prices Remain Under Pressure as U.S. Dollar Strengthens
The U.S. dollar reached a 10-month high against all local currencies, including the BRICS bloc, and the USD is now keeping global oil prices under pressure. The strengthening of the U.S. dollar is a cause for concern as oil prices remain under pressure in international markets. The U.S. gains more than that of BRICS countries as exports become more expensive for developing countries. Crude and Brent oil are experiencing a dip in the markets as the U.S. dollar reigns supreme in September. Also Read: US Economy Could Settle Into a Long & Slow Grind, Predicts Economist Source: OilPrice On the other hand, gold declined against the U.S. dollar due to sell-offs from global investors. The gold index (XAU/USD) dipped to 107 on Thursday, falling from a high of 119 last week. The precious metal fell below the crucial support of $1,900 this week, which in turn is strengthening the U.S. dollar. The development puts the BRICS alliance in a corner as the bloc aims to challenge the US ...