Oil and the ruble are rising at risks of reducing the supply of “black gold”

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The price of oil (September futures) to 16.19 GMT on 9 July rose 0.8 percent to 77.72 per barrel for Brent.
The market of “black gold” responds to the risks of failure of oil supply. Already a week, the national Libyan company NOC declared force majeure due to the blocking of shipment of raw materials from the ports Zuetina and Hariga. Oil production in Libya could fall by 850 thousand barrels per day, if the blockade of Eastern ports will continue. Oil production in Libya reduced every day, experts estimate.
In addition, the canadian company Syncrude, which produces up to 360 thousand barrels of oil per day, until the end of July suspended work because of the accident.
The ruble earlier in the week, is growing, based on high oil prices. Positive mood on the stock markets and the Euro on the forex indicate an increased demand for risky assets.
The dollar 16.17 GMT were down 0.4% to 62,76 ruble, Euro — by 0.2% to 73,88 of the ruble.
Until the end of the day, the U.S. currency will fluctuate in the range of 62.3-63.3 ruble, Euro – in the hallway of 73.3-74.5 ruble.
Ivan Marchena,
GK Forex Club