Crude oil: Slowing Chinese growth disappointed investors

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The price of oil (March futures) to 14.54 GMT on Monday 21 January were down 0.2% to 62.55 dollars per barrel for Brent.
The market of “black gold” slightly reduced in the correction after rising last week. Pressure provides information about the slowdown of the Chinese economy.
The GDP of China grew in 2018 6.6% compared to 6.8% in 2017. It was the worst figure for the last 28 years. However the official forecast amounted to about 6.5%. In the fourth quarter, China’s GDP grew by 6.4% compared with 6.5% in the third. Impact of a trade war with the United States.
Ruble a day for this background is slightly moving down against the dollar and the Euro after a noticeable increase last week.
Planned purchases of foreign currency by the Central Bank of the Russian Federation, although to a planned moderate volume, slowly also put pressure on the exchange rate, accumulating a cumulative effect.
As a result, the dollar exchange rate to 14.52 GMT increased from the start of trading to the previous close of 0.3% 66,45 rubles, the Euro by 0.3% to 75.55 ruble. The ruble price of a barrel of Brent crude remains around the level of 4.15 thousand. Until the end of the day, the U.S. currency will fluctuate in the range of 65.9-67.1 roubles, Euro – in the corridor 74,85-76.25 rubles.
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Ivan Marchena,
Analyst
GK Forex Club