Oil price falls back to 60 dollars

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The price of oil (March futures) to 13.38 GMT the 16th of December were down 0.2% to 60,55 dollars for barrel Brent.
The market of “black gold” is about a psychologically important level of 60 dollars per barrel. Strong growth observed before, was replaced by a stabilization around $ 60.
The energy information administration of U.S. Department of energy (EIA) confirmed the December forecast oil production in the U.S. this year at 12.1 million barrels per day in 2020, the Department expects production at the level of 12.9 million barrels. The forecast average price of Brent in 2019, downgraded to 60.52 per barrel 61 dollar.
The ruble continued to rise against the dollar and the Euro. Market participants are awaiting the outcome of today’s (the first in 2019) auctions of the Ministry of Finance on placement of OFZ — 35.1 billion rubles at face value.
The beginning of the tax period January to support the ruble. Tomorrow will be the interesting data of the Central Bank of the volume of buying currency for the Ministry of Finance in the budgetary rules that are published with a delay of two days.
Meanwhile, the dollar 13.35 MSK decreased from the start of trading to the previous close 0.3 percent to 66.74 rubles, the Euro by 0.4% to 76.11 of the ruble. The ruble price of a barrel of Brent crude remains around the level of 4 thousand. Until the end of the day, the U.S. currency will fluctuate in the range is 66.1-67.3 rubles, euros – in the corridor of 75.4-76.8 ruble.
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Ivan Marchena,
Analyst
GK Forex Club