Oil Closes Near $38 After Taking Hit

From the Wall Street Journal

From the Wall Street Journal

U.S. crude prices fell since this morning, despite briefly rising due to a weaker dollar.

Oil prices have steadily increased since Tuesday afternoon, just after Federal Reserve Chairman Janet Yellen announced a careful approach to raising interest rates. Historically, a weaker dollar inflates oil prices, since crude is priced in dollars.

U.S. crude ended the day at $38.32 a barrel, making marginal gains despite falling this morning. And Brent Crude closed at $39.26 a barrel, up 12 cents.

Oil prices have grown by nearly 50% in the last two months after industry leaders considered freezing production after January’s highs.

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