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U.S. dollar hits 20-year high, oil prices tank

Yahoo Finance Live's Jared Blikre breaks down how markets are moving on Wednesday morning.

Video Transcript

JARED BLIKRE: Welcome back. And we're going to take a look at some of the market movers this morning. And I'm looking at the US Dollar Index. It is up another 38 basis points. Doesn't sound like much, but this is a 20-year high. By the way, that's a three-month chart right there. And as it relates to commodities, well, it's pushing down crude oil. And crude oil is down 4% to 85-- $83 and change right now. And that is the lowest price that we have seen since January.

And we can see now you'd have to draw a line all the way back here. And this just looks like a huge distribution top. Reading some headlines, should have been bullish for oil about Russia not wanting to sell into sanction markets. Nevertheless, we have seen pressure come to the downside. And again, with the US dollar the denominator in a lot of these fractions here, that's just going to continue as we face that pressure from the US dollar, Julie.

JULIE HYMAN: Yeah, really interesting, the action that we're seeing in oil prices. And I saw, I think it was Oklahoma now is the first state in the union that's now has a gasoline price that is below $3 a barrel for the first time in quite a long time. I believe it is-- I don't know. It's been a long time.