West Texas Intermediate (WTI) crude futures on the NYMEX are trading 0.5% lower, hovering around $59.75 during the early European session on Tuesday. The market sentiment is weighed down by concerns over oversupply, particularly following OPEC’s announcement to increase December output targets by 137,000 barrels per day.
This move could impact the broader oil market and influence the exchange rates of currencies heavily tied to oil, such as the Canadian dollar (CAD) and the Russian ruble (RUB). With WTI trading near the 20-day EMA around the $60.00 mark, traders are closely monitoring these developments, assessing potential shifts in trading strategies amid fluctuating supply dynamics.
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Data Source: Yongxianli Analysis Team Updated: 2025-11-11 06:28
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.