12:05 (Dow Jones) Adarsh Sinha, currency analyst at Bank of America-Merrill Lynch, identifies some winners and losers from a climbing oil price that trades above $108 a barrel. Currencies in Norway and Canada are a buy because they are net exporters of oil. The euro also tends to benefit on a relative basis from higher oil prices. On the other hand, the Japanese yen will be vulnerable because of Japan's structural increase in oil imports following the 2011 earthquake. He notes that high oil prices shift global savings from oil importers to exporters -- these are either directed toward foreign investments or drawn down for consumption, part of which leads to higher imports. "In both cases, the USD generally stands to lose -- there is evidence of diversification of oil reserves away from USD and oil producers import more from Europe than the US," he says.