Dollar Pricing Of Oil To End?

The subject of replacing the U.S. dollar with something else as the currency with which to price and settle oil trades is again raised.

Robert Fisk at The Independent claims that talks are underway to replace the dollar by a basket of different currencies, something which is denied by the Saudi central bank governor and others that Fisk claimed were involved.

I find the story implausible. While it is likely that the dollar will eventually lose its current dominant role, that won't happen for a very long time. And it will then likely be replaced by some other currency, most likely the euro or the yuan, not by some basket of currencies which no one uses in other contexts and is difficult to understand.

I here discussed the impact of such a possible future shift.