GRAPHIC: Dollar-Oil spread: link.reuters.com/fef63w By Henning Gloystein SINGAPORE, Dec 8 (Reuters) - The gap between crude oil prices and the dollar has grown to its widest since the global crisis five years ago as slowing economies in Asia and Europe use less energy while the United States steams ahead with the aid of a domestic shale oil boom.
Brent crude prices, which reflect the strength of the global economy via its demand for energy, have fallen 40 percent since June as consumption growth in two of the world’s three major blocs loses momentum.
Over the same period, the dollar has risen 12 percent against a basket of currencies as the U.S. economy strengthens and expectations of higher interest rates rise.
The U.S. economy is helped partly by rising domestic shale oil production, which has cut power and gas bills and lowered costs for energy-intensive industries.
“The fall of $0.80 per gallon of gasoline since June 2014 is boosting U.S. consumer purchasing power by $100 billion,” Societe Generale said in a research note for December. (Editing by Ryan Woo)