Oil Tightens Its Noose Around Currency Market as Rout Deepens
How U.S. Inventories Are Offsetting OPEC Production Cuts
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Oil is re-asserting its stranglehold on the currencies of energy producers.
After ignoring volatile crude prices for most of the year, the currencies of Norway and Canada are succumbing to a selloff that has knocked 12 percent off the value of their biggest export this month. Russia’s ruble, a favorite destination of carry traders using borrowed dollars to invest in higher-yielding assets, has proved more resilient.