Oil prices benefit from weaker greenback
Oil has benefited from the recent dollar decline, with both UKOil (Brent) and USOil (WTI) CFDs moving into the neutral areas between their blue bands (green rectangles). However, the supply shock pressures caused by Russia's invasion of Ukraine in February this year persist. In addition, President Biden's visit to Saudi Arabia failed to secure a deal to boost production. Thus, the moves on a relative basis may be a bullish development on these fundamentals, but the price will need to maintain these positions.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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