Oil listens to the Tramp, but keep in mind Iran

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The price of oil (September futures) on Thursday 5 July 15.19 almost unchanged to the previous fixing, remaining nearly 78,25 dollars per barrel for Brent.
The market of “black gold” remains under slight pressure due to the statements of U.S. President Donald trump. He continues using Twitter to persuade OPEC to increase oil production by two million barrels a day. The White house complains that the cartel manipulates the prices of oil, causing growing prices of gasoline.
At the same time, the oil market remains potentially volatile as high-ranking representatives of Iran announced the country’s readiness to close the Strait of Hormuz to transport oil to other countries, if Iran’s oil exports will be constrained. USA discuss with partners complete cessation of oil imports from Iran since November in the framework of the sanctions.
The ruble mixed moderate changes to major reserve currencies. The weak growth of the Euro takes place in accordance with its strengthening of the dollar on forex.
The rise in world stock markets supported the demand for risky assets, including on the ruble.
Overall, the dollar to 15.18 GMT decreased from the start of trading 0.3% to 63.03 ruble, the Euro rose 0.2% to of 73.78 ruble. Ruble price remained around the level of 4950 per barrel for Brent.
Until the end of the day, the U.S. currency will fluctuate in the range 62,8-63.8 ruble, Euro – in the hallway of 73.2-74.4 ruble.
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Ivan Marchena,
Analyst
GK Forex Club