Oil is down 10 percent after reaching its high last month. Crude oil was trading at $60 per barrel yesterday, with its main influences being the production cut as well as the weakening dollar.
A reporter for CNBC stated, “However, I believe this is nothing more than a temporary recovery. Anticipated interest rate hikes this year will help provide underlying support to the dollar, which will in turn place pressure on oil. Furthermore, the recent weakness in stocks is concerning, and OPEC’s output cut compliance is a wild card at this point.”