Oil Prices and Financial Spread Betting Strategy

After posting gains on oil fields shutting down in Australia and Iranian nuclear reactor news, oil prices are dropping again. Financial spread betting strategy should remember that even though oil prices are affected by such world events, they are also impacted by the U.S. dollar. And the U.S. dollar is unexpectedly up on surprising housing market data. Bloomberg reports on oil prices:

``The dollar has done well, and the crude-oil market has turned back to negative on the day,'' said Eric Wittenauer, an analyst at A.G. Edwards & Sons Inc. in St. Louis. ``We did put in new lows off the data. Not necessarily because the housing numbers directly impact the oil market, but the dollar does impact the crude oil pit.''