Oil and the ruble before the weekend in uncertainty

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The price of oil (October futures) on Friday 3 August to 14.26 increased by 0.1% to 73,53 per barrel for Brent.
The market of “black gold” searches for the equilibrium level of 73.5 per barrel on the background of mixed factors affecting the dynamics of oil prices. On the one hand, market players are afraid of a disruption of oil supplies, on the other, the increase in world production is threatened by oversupply. So, Russia in July have increased oil production in annual terms by 2.4% to 11,215 million barrels a day.
Meanwhile, Iran may soon begin large-scale naval exercises to demonstrate their capabilities to block the Strait of Hormuz. Earlier, senior representatives of the Islamic Republic stated that in the event of a ban on oil imports from the country they will not allow other exporters to transport oil through the Strait.
The rouble on this background and is little changed against the dollar and the Euro. Statement of the Ministry of Finance of the Russian Federation about increase in August-September, purchases of foreign currency to record in 383,2 billion (16.7 billion daily) did not affect significantly the exchange rate dynamics of the ruble.
The dollar 14.24 GMT decreased from the start of trading on 0,2% to 63,26 of the ruble, the Euro by 0.05% to 73,37 of the ruble. The ruble price of a barrel of Brent crude hovering around the level of 4650.
Until the end of the day, the U.S. currency will be in the range 62,8-63.8 ruble, Euro – in the corridor for 72.8-74 of the ruble.
Ivan Marchena,
GK Forex Club