Oil supports the ruble but this is not enough for growth
Today ruble pair continue to moderate fluctuations in the afternoon on Thursday. The U.S. dollar is trading at 65,39. and almost not moving compared to yesterday’s close, the Euro is retreating a little and balance of 73.98 about RUB (-0.2 percent). An inactive market may amid mixed external environment. The Bank of Russia has established following rates of foreign currencies for tomorrow, March 15: 65,40 RUB/USD (reduced 18 cents) and 74,06 RUB/EUR (increased by 4 cents).
Raw site remain in the green zone. A barrel of North sea Brent crude oil is growing by 0.5% and is trading at $of 67.89. Oil “bulls” clearly and consistently played all the favorable news of the fall of production of black gold in Venezuela to reduce energy reserves in the United States. In addition, today in favor of buyers work and conclusions of the US Department of energy, which I believe that in 2019, the country will pump about 12.3 million barrels per day (-110 thousand barrels in comparison with the previous conclusion). The decline in crude oil and gasoline in the United States is directly related to the continued reduction in the number of drilling rigs in the country.
The result of all these catalysts Brent now stands at the highs of 2019, and this has a positive effect on the position of the “Russians”.
Morning Chinese statistics, where industrial production in January slowed to the lowest level in 17 years, would have to restrict investors ‘ interest in em currencies, but oil support so far outweigh.
The US dollar will spend the rest of the session Thursday in the range 65,10-65,65, the Euro and within 73,85-74,35 RUB.
Senior analyst at information-analytical center,