Kit Juckes, Research Analyst at Societe Generale, notes that the oil prices are higher this morning, in reaction to concerns about the fire in Fort McMurray, and appointment of a new Oil Minister in Saudi Arabia.

Key Quotes

“We’re much more comfortable with the idea of oil settling into a range (USD 40-50/bbl?) than with the notion of further gains near term, but as long as prices are still building a base that’s enough to give us a bullish bias of oil-sensitive currencies. Shorts in GBP/NOK and EUR/RUB are fine, the CAD is less cheerful.”