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Week in FX Europe — No Thanksgiving for OPEC
Energy prices continue to make records. Today, OPEC (the Organization of the Petroleum Exporting Countries) is back calling the shots, and putting the squeeze on global crude producers, commodity currencies, trade balances and Russia in particular, after yesterday’s stand-pat decision to maintain its existing daily production of +30M bpd. This decision pushed the benchmark North American West Texas Intermediate crude oil to trade down -6% to $68 per barrel, a fresh four-year low. OPEC’s decision has given an upward bias to the mighty U.S. dollar, as lower oil prices are deemed a direct boon to the American ... (full story)