The greenback is 'losing some influence' in the oil markets — and it means a partial de-dollarization is likely, says JPMorgan

Tue, 09/05/2023 - 01:12

One Chinese yuan bill lying on top of a US dollar bill. — A larger volume of oil is now being transacted in non-dollar currencies such as the Chinese yuan, JPMorgan said in its report.
Getty Images

The US dollar is losing some influence in the oil markets, according to JPMorgan.
The correlation between the USD's strength and oil prices has weakened, per the bank's research.
This is because more oil is now being transacted in non-dollar currencies.

Amid a broad discourse about the waning influence of the US dollar, analysts at one bank see one commodity market starting to shy away from the currency.