Oil customers come, but the dollar puts pressure on the ruble

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The Russian ruble on Tuesday afternoon began to weaken in tandem with the U.S. dollar and allowed the us currency to return above 62,0 RUB Market details plays happening on the world currency market where the American currency comes in tandem with the Euro after weak Eurozone GDP in the first quarter. To date, the dollar is worth 62,10 rubles (+0.4 percent). The Euro is trading at 73,76 RUB (-0,02%). Official rates of the Central Bank of Russia for tomorrow, may 16, 61,91 make up a RUB for the American currency (raised by 15 cents) and 73,86 rubles for Euro (reduced by 8 cents).
After the morning pause in oil, the bulls returned to the attack. A barrel of North sea Brent crude is now $78,93 (+0,9%) – not far off the intermediate resistance $of 79.00, where it will open the road in the area of $79,50-$79,60. The price of black gold rising for the third consecutive week, almost without interruption, and the market is not overheated even scare quotes.
Buyers in the oil did not frighten the OPEC report, presented the day before. It says that in April world production of raw materials continued to increase on average by 120 thousand barrels per day, and the main contribution to this overproduction made States not members of the cartel – from the USA to China. Inside OPEC production increased 12 thousand barrels per day and amounted to 31.9 million barrels daily. The lion’s share of this extension belongs to Saudi Arabia. Investors started to worry, because in this review OPEC increased its forecast for oil demand in 2018.
Interestingly, today, the ruble almost did not react to the rally in oil, but comes under pressure from the U.S. currency. The dollar today can be quite an eventful evening – published statistics on retail sales and the expectations for it are quite optimistic. If data is good, grinbek will rise further. The dollar closed trading Tuesday in the range of marks 61,70-62,85 rubles, and the Euro – the borders 73,50-74,50 RUB.
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Anna Bodrova,
Senior analyst,
Alpari