What's weighing on the price of oil? We are watching the age-old adage at work: The best cure for high oil prices is high oil prices, which have depressed the global economy, as evidenced by the recent freefall in the price of copper and now the price of a barrel of crude oil.
Another contributor to the weakness in oil prices and other commodity prices is the rip-roaring strength of the dollar. The US is energy independent. Until Russia invaded Ukraine, Europe depended on Russia for lots of oil and gas. As that source of fossil fuels has been choked off, Europe faces a very cold winter that could freeze its economy. As a result, the euro just fell to a 20-year low against the dollar.