Download Oil maintains bullish momentum while ruble falls (19.03.2018)
Oil maintains bullish momentum while ruble falls (19.03.2018)
Oil maintains bullish momentum while ruble falls  (19.03.2018)
Today oil prices are consolidating near the peaks that have been recently reached on the back of the oil rig count report.
According to Baker Hughes, the number of active drilling facilities in the Un...
Today oil prices are consolidating near the peaks that have been recently reached on the back of the oil rig count report.
According to Baker Hughes, the number of active drilling facilities in the United States increased by 4 to 800 units for the week ended the 9th of March. It signals that the crude oil production may expand.
However, the Light Sweet crude oil is still trading above 62 dollars per barrel. Market participants were encouraged by Saudi Arabia’s intentions to continue cutting the output volumes even after the OPEC+ deal expires.
However, some experts anticipate that the deal on output freeze signed by the biggest oil producers will be extended as the OPEC officials spoke about a possibility of it. The Brent crude benchmark is trading in the positive zone, breaking the level of 66 dollars per barrel.
At the same time, the upbeat sentiment in the oil market does not provide support to the commodity currencies. The Russian ruble took a nosedive against its American opponent. The dollar-ruble pair is approaching the level of 58.
Remarkably, the presidential election in Russia had a minor impact on the national currency. Experts say, that the effect was low as the outcome of this event was quite obvious – Vladimir Putin was re-elected for the sixth term, getting about 76% of votes.
Nonetheless, a tense geopolitical situation is the factor that shapes the dynamics of the Russian ruble. Mostly, it is connected with the relations between the United Kingdom and Russia. The Skripal case is the most pressing issue for market participants when it comes to making trading decisions. This week, the British government will plan its further actions relating to Russia.
Macroeconomic events also influence the dollar-ruble pair. The upcoming FOMC meeting may lead the pair towards the 7-month highs. Besides, the Bank of Russia will hold a meeting on Friday.


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