West Texas Intermediate (WTI) crude oil has dipped below the $61.00 mark, currently trading at approximately $60.70 during the Asian trading session on Wednesday. The decline is attributed to a significant build in US crude inventories reported by the American Petroleum Institute (API) and the resumption of Venezuelan oil exports, which has increased supply in the market.
This shift in the oil market is influencing the broader currency exchange landscape, particularly affecting the USD. With rising stockpiles, traders are reevaluating their positions, leading to fluctuations in related currency pairs. As investors monitor these developments, the implications for oil prices could create ripple effects across the forex market, impacting trade dynamics between the USD and other currencies like the EUR.
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Data Source: FX Killer Analysis Team Updated: 2026-01-14 03:47
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.