In my last article I outlined the case that the fall in commodities is a result of Fed policy more so than fundamentals. The fall in oil began, almost to the day, when the dollar began its rise last June and remained perfectly inversely correlated for rest of 2014 into part of 2015. In 2015, the dollar began to weaken as the U.S. economic growth myth got exposed and yet oil, instead of rising, fell further. The Iran deal helped, as well as OPEC continuing to pump oil above quota levels.

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