Oil Falls

Oil prices have fallen after stocks have been reported to be at their highest levels in 20 months and imports are up. This is above analyst predictions. This year to date, oil futures have gained, mostly due to geopolitical tensions involving Iran sanctions. Supply was also disrupted last year during the Libyan civil war.

In addition, talks have been underway regarding the release of strategic oil reserves into the market by the U.S., U.K., and France. Such a release could happen within a few weeks, and would be intended to help prevent high fuel prices from being a drag on economic growth. Fuel prices have become election issues in both the U.S. and France.

Sources: Bloomberg & Reuters

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Kenny Fisher

Kenny Fisher

Currency Analyst at Market Pulse
Kenny Fisher joined OANDA in 2012 as a Currency Analyst. Kenny writes a daily column about current economic and political developments affecting the major currency pairs, with a focus on fundamental analysis. Kenny began his career in forex at Bendix Foreign Exchange in Toronto, where he worked as a Corporate Account Manager for over seven years.