Oil and the ruble are falling the second day in a row

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The price of oil (October futures) to 14.32 GMT on Wednesday 1 August decreased by 1.3% to 73,28 per barrel for Brent.
The market of “black gold” remains under pressure second day in a row, this time because data on the dynamics of energy reserves. The American petroleum Institute (API) reported that for the week to 28 July, commercial oil stocks in the United States rose 5.6 million barrels to 410,5 million barrels. Analysts had expected inventories fell by 2.8 million barrels. Wednesday night will be the official data published by the U.S. Department of energy.
Against this background, the ruble moderately losing ground for the second day in a row, correcting the previous growth, which lasted several days. Difficulties of the Ministry of Finance with the placement of OFZ on Wednesday also put pressure on the ruble. The office at the first auction placed government securities series 25083 maturing in December 2021 at 13,081 billion (at par) with the limit of 20 billion.
In the end the dollar to 14.30 GMT rose 0.3% to 62,69 ruble, Euro — by 0.2% to 73.25 ruble. The ruble price of “black gold,” slipped below the level of 4600 per barrel for Brent.
Until the end of the day, the U.S. currency will fluctuate in the range 62,2-63.2 ruble, Euro – in the hallway of 72.7 73.9 per ruble.
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Ivan Marchena,
Analyst
GK Forex Club