Supply Worries Send Oil Prices Up.
Oil prices recently resumed an upward trend that brought the price of Brent oil to US$75 a barrel and the price of WTI (West Texas Intermediate) oil to above US$68. These are the highest prices seen since the end of 2014. What is behind this increase?
The U.S. Dollar Is Benefiting from the Recent Surge in Bond Yields.
Greenback appreciation is widespread across all major currencies and is consistent with the surge in bond yields observed since about mid-April. This surge was stronger in the United States, benefiting the currency.