The picture in the oil market isn't looking so great.
After a big slump yesterday, today's bounce has failed and WTI has fallen to a session low of $89.84. It's the first time below $90 since Russia invaded Ukraine.
It comes in the aftermath of yesteday's OPEC+ decision to add 100k bpd. But the driver is data showing falling US gasoline demand.
With that decline, USD/CAD has jumped to 1.2865, up 40 pips from the lows.
Bank of America is out with some research on oil today and the proposed price cap on Russian oil. The G7 continues to plod forward on this, targeting a December implementation. It's unlikely that China and India would participate but they say that it could push brent prices back above $130.
