As the world rallies around China’s plan, oil prices have jumped to close to $64 a barrel. The jump owes to the weakening of the U.S. dollar that’s driven in part by the stimulus plan, says Dirk Lammers for the Associated Press.
Where oil goes from here is a matter of debate. Some think if the prices fall lower, OPEC will call another meeting and announce a production cut. In the long-term, some analysts feel that rising global demand will ultimately push prices higher again.
United States Oil (USO) is down 34% year-to-date.
