Oil Price Rises 8 Percent on Falling Dollar

The Globe and Mail reported that oil prices jumped roughly eight percent on Wednesday on the back of a weaker US dollar.
As quoted in the publication:

Comments by Russia’s foreign minister reiterating the major producer’s willingness to meet if there was consensus among the OPEC and non-OPEC members, also reignited hopes of a deal to trim output and helped to boost prices.

The dollar index tumbled to an over seven-week low, making commodities priced in the greenback cheaper for holders of other currencies, amid growing skepticism that the Federal Reserve would be able to hike U.S. interest rates again this year and after data showed the U.S. services industry grew more slowly than expected last month.

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