West Texas Intermediate (WTI) crude oil prices have fallen below $58.50, currently trading around $58.20 during the Asian session on Wednesday. This decline is attributed to a strengthening US Dollar, following the release of positive job data that bolstered market confidence in the USD. The strengthened exchange rate has pressured oil prices, as traders react to the implications for demand.
Additionally, the resumption of operations at an oilfield in Iraq has added to the downward pressure on WTI. Increased supply from this key region could further affect the balance of the oil market, influencing trading dynamics. As the USD continues to gain traction against major currencies like the EUR, volatility in the crude oil market is likely to persist, prompting traders to closely monitor both the job data impact and global supply trends.
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Data Source: FX Killer Analysis Team Updated: 2025-12-10 03:13
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.