Oil fears gas cuts

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The price of oil (September futures) on Wednesday 29 June to 14.48 increased by 1% to 78,41 USD per barrel for Brent. The market of “black gold” and wins back the downside risks to supply from Libya, Venezuela and Iran. In particular, in the country terminals for transshipment of oil were suspended after the militants captured two terminals at RAS lanuf and es-Cider. The reduction amounted to 700 thousand barrels per day.
However, the ruble continues to ignore the dynamics of the market of “black gold” and stable to the dollar, and the EUR is falling against the background of growth of the European currency on the forex up to 1,165 USD. Apparently, the inflationary concerns with the expected increase in VAT by 2 percentage points or 11% (from 18% to 20%) maintain pressure on the ruble.
In the end, the dollar was down 14.45 GMT with the start of trading by 0.14% to 62.71 ruble, the Euro grew by 0.61% to 73.10 of the ruble. Ruble price remains above $ 4900 per barrel for Brent.
Until the end of the day, the U.S. currency will fluctuate in the range 62,2-63.2 ruble, Euro – in the hallway of 72.5-73.7 ruble.
Ivan Marchena,
GK Forex Club