Oil marks time near $ 73, ruble rises to 3-day

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The price of oil (September futures) on Tuesday 24 July to 15.07 increased from the start of trading by 0.05% to 73.10 per barrel for Brent. The market of “black gold” ranges on Tuesday without some of the dynamics in an attempt to gain a foothold on a round mark of 73 dollars per barrel for Brent.
On the one hand, market players fear a shortage in the near future raw materials because of the US sanctions against Iran, which will be recovered from the 4th of November.
On the other, the increase in OPEC production+ made to compensate over-fulfillment of programs for its reduction has a negative impact on the oil market. Later Tuesday, the American petroleum Institute (API) will publish data on the dynamics of reserves of “black gold” in the United States last week. It is expected to decline by 3.2 million barrels, after rising 5.8 million a week earlier.
The ruble’s living the life, responding to the hopes of weakening the sanctions regime after yesterday’s news on the “RUSAL”. Furthermore, the initiatives of the Central Bank of the Russian Federation on increase in reserve requirements on foreign currency deposits indirectly make the ruble more attractive. Finally, the tax period July, forcing exporters to increase the selling currency, which supports the ruble.
In the end, the dollar for the third day in a row is reduced to 15.05 GMT he was losing from the start of trading 0.5% to 62,77 ruble, Euro – 0.4% to 73,48 ruble. The ruble price of a barrel of Brent crude was hovering around the 4600 mark.
Until the end of the day, the U.S. currency will fluctuate in the range of 62.3-63.3 ruble, Euro – in the hallway of 72.9-74,1 ruble.
Ivan Marchena,
GK Forex Club