Oil and the ruble are adjusted, but in different directions

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The price of oil on Tuesday 17 July 15.16 corrected upwards since the start of trading by 0.1% to 71.94 dollars per barrel for Brent.
The market of “black gold” tries to find the bottom after a notable failure in the last few days. So, from July 10 it fell more than 10% in the area of 71,4 USD per barrel – to the lowest level since April 17.
Market participants put in quotes concerns about increasing energy production in the United States, Russia and Saudi Arabia. Pressure comes also from the American plans for the “unsealing” of the strategic reserve to lower gasoline prices before the autumn elections for Congress. Besides, the USA allow the exclusion of some countries from the sanctions regime against Iran.
The ruble after rising slightly adjusted the dollar and the Euro. Market players after the meeting of presidents of Russia and USA Vladimir Putin and Donald trump news digest for the assessment of geopolitical risks.
In the end, the dollar 15.14 GMT increased from the start of trading 0.3% to totals 62.52 ruble, the Euro by 0.3% to 73,19 of the ruble. The ruble price of a barrel of Brent crude remains around 4500.
Until the end of the day, the U.S. currency will fluctuate in the range of 62-63 of the ruble, the Euro – in the hallway of 72.6-73.8 ruble.
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Ivan Marchena,
Analyst
GK Forex Club