Oil Futures Gap Down as Doha Oil Freeze Meeting Fails on Accord
- WTI Crude Oil Futures gapped more than 3.5 percent lower on early Monday
- Doha meeting on oil production freeze among key producers fails to come to an agreement
- OPEC and other members to continue discussions at next scheduled meeting in June
Both the commodity and sentiment-linked currencies swooned in response to the news. The Canadian and Australian Dollars along with the South African Rand and other commodity-producing emerging market currencies suffered distinctly in response. In particular, the US Dollar gapped higher against its Canadian counterpart, strengthening more than 0.9 percent to start this week’s trading session. Meanwhile, the anti-risk Japanese Yen strengthened materially alongside a sharp drop in the Nikkei 225. Even if the meeting turned out in an agreement, production levels would still remain near all-time highs.