Oil prices continued their downward trend on Friday, with West Texas Intermediate (WTI) crude dropping below the critical $58.00 mark for the first time since late October. This decline, marking the third consecutive day of losses, is primarily driven by optimism surrounding potential peace negotiations between the US and Russia regarding the ongoing conflict in Ukraine.
As the US administration intensifies efforts to broker a peace deal, traders are reacting to the shifting geopolitical landscape, leading to a decrease in demand for oil. This movement in the energy market has implications for currency pairs as well, particularly affecting exchange rates involving the USD and EUR, as fluctuations in oil prices often influence broader market sentiment and currency valuations.
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Data Source: FX Killer Analysis Team Updated: 2025-11-21 09:41
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.