West Texas Intermediate (WTI) crude oil prices have rebounded after a sharp decline, currently trading around $57.30 per barrel during European hours. This recovery follows a 2.5% drop in the previous session, as traders reassess the market dynamics amid concerns over a potential global supply glut. The ongoing uncertainty surrounding peace negotiations in Ukraine is adding to these supply worries.
As investors navigate these developments, the implications for currency markets are notable. Fluctuating oil prices can impact the exchange rates of oil-dependent currencies, particularly the Canadian dollar (CAD) against the US dollar (USD). With WTI holding steady near the $57.50 mark, traders are keenly observing how these geopolitical factors might influence future oil supply and, consequently, market sentiment across various currency pairs.
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Data Source: FX Killer Analysis Team Updated: 2025-12-29 10:23
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.