Brent oil fell 3.4% on Wednesday. A break below the September low of $84.06 would intensify the bearish pressure, MUFG Bank strategists report.
Lower oil prices alleviate the negative impact of the terms of trade on the euro, pound and yen
“Weak growth is a possible factor, but also, Speculation of a Saudi-led push for increased production could continue to weigh on oil prices“.
“Lower crude oil prices and still low natural gas prices considerably alleviate the negative impact of the terms of trade on the euro, pound and Japanese yen.”
“A close for Brent below the September low of $84.06 would be a technically bearish sign.“.
Source: Fx Street
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