Oil is falling sharply

Oil prices dropped yesterday, driven by rising US production and the recent US dollar strenght. In addition, downward pressure on oil prices is also evident from the weakness of stocks and commodities in recent days.
Brent futures lost 1.12 dollars, or 1.6% to 67.46 dollars a barrel. US crude oil fell by 1.53 dollars, or 2.3% to 63.92 dollars a barrel.
US employment data, which was posted at the end of last week, indicated an accelerated growth in the US economy, above analysts' expectations.
This triggers a rise in the dollar, to which the price of oil is inversely dependent.
And while oil price volatility has some signs of rising, it is still close to its lowest levels in three years.
The latest data from the US Energy Ministry indicated an increase in production in the world's largest economy, over 10 million barrels per day in November, which is the first such since the 1970s.
In addition, US shale deposits have risen for the second consecutive week, the previous one, the data show.