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Oil is bought in dollars because it is a commodity. All commidities in the US are bought in dollars. This is because it's then easier to trade them
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the exchange determines the currency. US exchanges choose dollars, the Hang Sin trades in yen. The values of a currency used on an exchange can affect a commmodities market as well as other market forces. Commodite traders in the US tade worldwide on different exchanges and different currencies.
in some cases a trader can make as much off currency fluctuations as they do off the commodity depending on what happens in the world and on which exchange they sell the commodity. Oil for example can change hands several times as a tanker heads to a port or it may go to a different port and a different buyer. Oil traders will often park a tanker and store the oil awaiting better currency conditions.
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Well most of the oil features contracts are negotiated on the NYMEX (New York Merchantile Exchange) and the contracts-negotiated in dollars are used in the benchmark pricing of the oil. Wasswa
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