From SCS OTC Corp: Oil found much needed support from currency markets this week on a strong EUR/USD following comments from ECB chief Mario Draghi that the Eurozone’s central bank could be ready to taper asset purchases earlier than previously expected.
As a result, EUR/USD traded to a 13-month high over 1.1400 and helped initiate a short cover rally in WTI and Brent off of 7-month lows.