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Originally posted by BitRaiser
Since the Dollar remains the standard oil currency, higher oil prices should boost it. If oil costs more, it will force countries to hold more dollars in reserve in order to continue to trade for the same amounts of oil.
Fears of dollar collapse as Saudis take fright
Saudi Arabia has refused to cut interest rates in lockstep with the US Federal Reserve for the first time, signalling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East. Link