Oil: Saudi Arabia has supported the growth of raw materials 1.1%

  • And
  • +A

The price of oil (October futures) to 13.22 GMT on Monday 6 August by 1.1% to 74,04 USD per barrel for Brent. The market of “black gold” grows in the area is 74 dollars per barrel. Market players react to the news about the decline of Saudi Arabia’s oil production in July to 200 thousand barrels per day to 10.29 million barrels.
In addition, the us oil service company Baker Hughes, a GE Company (BHGE) estimated that for the week to 3 August, the total number of drilling rigs oil and gas rigs in the US fell by four to 1044. The number of us oil rigs has declined by two to 859 units.
Despite rising in price oil, the ruble declines against the major reserve currencies. Sanctions fears and increased inflation expectations in connection with the VAT increase by 11% from 18% to 20% keep the pressure on the Russian currency.
In the end, the dollar 13.17 MSK increased by 0.4% to of 63.62 ruble, the Euro by 0.3% to 73.47 ruble. The ruble price of “black gold” has risen to the level of 4700 per barrel for Brent.
Until the end of the day, the U.S. currency will fluctuate in the range of 63.1-64.1 ruble, Euro – in the hallway of 72.9-74,1 ruble.
___________
Ivan Marchena,
Analyst
GK Forex Club