Oil failed to hold above $ 80

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The price of oil (October futures) to 15.14 GMT on Thursday 13 September, decreased in the correction by 0.9% to 79.0 per barrel for Brent.
The market of “black gold” adjusted down after yesterday’s attempts to gain a foothold on the psychologically important $ 80 per barrel mark Brent — near the highs for almost 4 years. Market participants on Thursday played data from the International energy Agency (IEA) to increase in August, OPEC crude oil production. The increase of 420 thousand barrels per day was the highest since June of 2016. Production reached 32,63 million barrels per day after the recovery of the industry in Libya, the growth of production in Iraq, Nigeria and Saudi Arabia.
Meanwhile, the ruble is growing in the correction of the third day in a row, not paying attention to the risks of new sanctions. So, trump the previous evening (in Moscow) signed a decree allowing to impose sanctions against those who interfere in the electoral process in the United States. However, the decree is not named suspects in the country. The ruble on Wednesday evening reacted to the news at the moment losing 50-60 cents to the major reserve currencies.
However, investors who understand the details of the decree have not found anything threatening and quickly continued to adjust the currency of the Russian Federation up. On Thursday, the correction continued, and by Thursday the dollar has dropped by 2.6 rubles, and Euro by 2.9 ruble to the highs of September 10.
In General, the dollar 15.12 MSK decreased by 1% to 68,37 ruble, the Euro by 1% to 79.43 of the ruble. Until the end of the day, the U.S. currency will fluctuate in the range of 67.8-69 rubles, euros – in the corridor to 78.7-80.1 ruble.
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Ivan Marchena,
Analyst
GK Forex Club