West Texas Intermediate (WTI) crude oil prices have dipped below $59.50, currently trading at around $59.35 during the Asian session on Monday. This decline comes as traders react to the reopening of the Novorossiysk port on the Black Sea, a crucial hub for Russian oil exports. The resumption of activity at this port is raising concerns about an oversupply in the market, prompting selling pressure on WTI.
As the market adjusts to this news, the implications for currency pairs involving the USD are significant. A weaker oil price can influence the USD’s exchange rate against currencies like the EUR, as oil remains a critical factor in global economic dynamics. Traders will be closely monitoring further developments in supply and demand as well as geopolitical factors affecting crude oil pricing.
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Data Source: FX Killer Analysis Team Updated: 2025-11-17 02:59
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.