Crude Oil Effect On Forex Market

Crude Oil All Time High

Global uncertainty has driven crude oil prices to historically high prices in the last few days, hitting the 90$ per barrel psychological barrier. The speculation of a war between the USA and Iran, a possible Turkish confrontation with Iraq are two of the main factors that are helping speculators to drive prices higher.

The most affected currencies for this situation have been the CAD and the JPY. This is mainly because Canada is one of the biggest crude exporters and refiners of the world, making the CAD go strong and higher. On the other hand, Japan is one of the biggest crude importers, so that has affected negatively the JPY.

Keep track of what's really happening around the black gold market. View our Futures Energy section. And if you want to see the effects on the currencies check our Rates and Charts section.

• US Energy Information Administration (EIA)
• US Department of Energy (DOE)

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