The Financial Times reports that OPEC nations are moving investments out of dollars towards EUROS. They want to avoid losses as the dollar drops in value. Also, they are concerned that a provision of the Patriot Act allows the US to Freeze foreign assets of banks that are conducting business with suspected terrorists, and fear that their assets will get caught in such sweeps.
It looks like the OPEC nations are beginning to take the Bush administration at its word when they say the US should go it alone and doesn't need allies.
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