West Texas Intermediate crude oil strengthened on Tuesday, with prices trading near $60.50 per barrel. The commodity registered a notable daily gain of approximately 1.35% as traders returned to the market. This upward movement occurred despite persistent concerns over a growing global supply surplus, which typically exerts downward pressure on exchange rates for oil-linked currency pairs.
The price action suggests traders are balancing bearish fundamental forecasts against shifting geopolitical tensions. Such developments often trigger volatility, influencing the USD/CAD pair and other commodity bloc currencies. Market participants appear to be assessing the risk of potential supply disruptions against the backdrop of swelling inventories, creating a complex trading environment for energy futures and related forex instruments.
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Data Source: GrowingPool Analysis Team Updated: 2025-11-18 18:55
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.