Oil ignores the political crisis in Venezuela

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The price of oil (March futures) on Thursday 24 January 16.54 MSK decreased by 0.9% to 60,59 dollars per barrel for Brent. “Black gold” remains under pressure amid the American petroleum Institute about the growth and last week oil reserves in the United States by 6.6 million barrels.
While the political crisis in Venezuela, which supported the morning the oil quotes have faded into the background. The US administration on Wednesday recognized the opposition leader of this country – Juan, Guido the rightful head of state.
Previously, he declared himself acting President. America also threatened to impose sanctions against the oil industry of Venezuela. Import of Venezuelan oil to the US recently amounted to about 350 thousand barrels per day.
The ruble continued to rise for a second day against the major reserve currencies, reflecting the peak of the tax period of January, per this week. During this period, banks have traditionally increases the demand for ruble liquidity due to the listing of their obligatory payments to the budget.
In the end, 16.47 GMT, the dollar was dropped from the start of trading on 0,2% to 65,96 of the ruble, the Euro by 0.8% to 74,64 of the ruble. Both currencies have updated the Thursday lows from November of last year (65,83 74,59 of the ruble and the ruble, respectively).
Until the end of the day, the U.S. currency will fluctuate in the range to 65.3-66.5 rubles, Euro – corridor 74-75,4 rubles. The price of oil in rubles varies slightly below the level of 4000 round per barrel for Brent.
Ivan Marchena,
GK Forex Club