Oil is rising because of supply disruptions in some OPEC countries
The price of oil (September futures) to 15.23 GMT on Monday 30 July rose 0.8% to 75,39 dollars per barrel for Brent. The market of “black gold” receives support from the news about disruptions in the oil supply, some OPEC members. This can lead to a reduction in the supply of oil on the world market. This refers to the production decline in Venezuela, the expected U.S. sanctions against Iran. Even Saudi Arabia has recently been forced to discontinue the transportation of oil through Bab-El-Mandeb Strait because of attacks by the Yemeni rebels on Saudi oil tankers.
In addition, the macroeconomic positive heats the oil market. US GDP in the second quarter of 2018 increased by 4.1% yoy from 2.2% in the first quarter. This is the fastest pace of growth in 2014, GDP growth (even the us) require resources — including oil.
Against this background, the ruble rises against the dollar and the Euro early in the week. Last day of mandatory payments to the budget within the tax period July, also supports the Russian currency.
In the end, the dollar 15.21 GMT were down 0.5% to 62,47 of the ruble, the Euro by 0.3% to 72,99 of the ruble. The ruble price of “black gold” ranges above the rate of 4.7 per barrel for Brent.
Until the end of the day, the U.S. currency will fluctuate in the range of 62-63 of the ruble, the Euro – in the hallway and 72.4-73.6 ruble.
GK Forex Club