Oil falls 1%, but the ruble remains stable
The ruble is now trading without a single idea in a basket of currencies. The US dollar is estimated at 65,63 RUB and decreases by 0.4%. The Euro gaining 0.1 percent and is trading around 74,65 RUB Courses of the Bank of Russia on Friday, November 2, fixed at the levels 65,65 RUB/USD (+6 cents) and 74,58 RUB/EUR (+17 cents).
The ruble is again not responding to what is happening in the oil sector, for commodity currencies and it’s very odd behavior. A barrel of North sea Brent grade of oil is falling day by 1% and costs $74,26 – a minimum of two months. There is reason to believe that the bears are so fast you will not stop and will attack the support level at $74,00.
The main negative for the raw materials now are report components of energy of the USA on stocks of oil products, particularly illustrating the production figures. The us once again shake the oil vigorously, last week the daily production here rose by 0.3 million barrels and amounted to 11.2 million barrels. Potential expansion in the world supply of oil has had a raw sellers the ideal support.
Probably the market at the moment is the question of tightening sanctions on Russia. Clear understanding of the situation yet: US silent, being occupied with the nuances of their elections to Congress. However, this does not explain the indifference of the ruble – the commodity currencies – the behavior of oil.
The US dollar finished trading today in the range of 65.50-65,95 RUB, and right now there is every reason to overcome the resistance of 66.00, but the market is slow. Euro closes the day in the hallway 74,50-74,85 RUB.