Oil prices are under pressure of surplus oil production

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The price of oil (October futures) on Tuesday 31 July to 15.29 decreased by 0.3% to 75,33 dollars per barrel for Brent.
The market of “black gold” stabiliziruemost after attempts to test resistance at $ 75 per barrel. Market players can take a backseat ahead of weekly data on reserves and production in the United States.
In addition, the US Department of energy (EIA) estimated that in may the average daily production of oil America has updated the historical maximum at the level of 10.71 million barrels. While OPEC in July has increased production by 70 thousand barrels per day to record in 2018 32,64 million barrels per day.
The ruble corrected slightly down against the dollar and Euro after a series of promotions, which he updated yesterday the highs for two weeks. The passage of the peak of the July tax period takes the edge off in the interbank market, and lower demand for ruble liquidity.
In the end, the dollar 15.28 GMT increased from the start of trading 0.3% to 62,40 ruble, the Euro 0.5% to 73,24 of the ruble. The ruble price of a barrel of Brent crude hovering around the 4700 mark.
Until the end of the day, the U.S. currency will fluctuate in the range of 61.9-62.9 EUR Euro – in the corridor of 72.6-73.8 ruble.
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Ivan Marchena,
Analyst
GK Forex Club