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Will dollar be replaced for oil pricing?

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Submitted by anilmehta on October 8, 2009 - 01:30

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Anil Mehta is a seasoned investor with expertise in Indian Equity markets.Anil published many white papers and columns on various magzines and newspapers.

Submitted by anilmehta on October 8, 2009 - 01:41. #

An old adage no smoke without fire. Few days ago a reported published in UK newspaper about secret talk between Oil countries and China,Russia,France lead by Saudi Arab for replacing dollar as pricing currency for oil. Saudi Bank Governer later denied that report .

Now question is can that happen ? Countries are getting nervous about dollar. Probably dollar would have collapsed by now. US spending is uncontrolled and America can not do much about it. In fact they might want dollar to become cheap that would bring back jobs in America as import becomes expensive.

How does it affect your stocks ?

Companies heavily dependent on export will suffer.I can think of IT as first one to get heart.It will be beneficial to refineries who have big oil import bill.

Source : http://articles.moneycentral.msn.com/Investing/Dispatch/market-dispatche...

 

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