It’s been a relatively quiet start to the week in FX markets with moves limited to less than one standard deviation across majors. But the oil markets continue to advance higher, with Brent crude prices up close to 13% so far this year and over 30% from the December lows. Increasing geopolitical risks have helped support the market overnight after Yemen’s Houthi rebels launched a drone attack on storage facilities in the UAE. This comes on the back of rising escalation in tensions between Russia and Ukraine. The market already has worries over OPEC spare capacity and the release of its monthly oil report later today ... (full story)