Oil under pressure, the ruble expects the Helsinki summit

  • And
  • +A

The price of oil (September futures) on Friday 13 July, 14.30 lost since the start of trading 0.4% to 74,16 per barrel for Brent.
The market of “black gold” remains under pressure after hitting the bears, occurred on Wednesday, when quotations fell by more than 6% in district 73 dollars per barrel.
Investors continue to fear growth in the supply of raw materials after the decision of OPEC to increase oil production by 1 million barrels per day after exceeding countries to the Treaty regulations on the reduction. Risks of trade wars also continue to support the likelihood of a global economic slowdown and reduction of demand for oil.
However, the ruble is “untied” from oil and stable to the dollar and the Euro even moderately adds in the afternoon on Friday. The market takes into account exchange rate fluctuations forex, on which the European currency slipped below $ 1,165 USD. Support for the Russian currency, apparently, comes from positive expectations from the meeting of the presidents of Russia and USA Vladimir Putin and Donald trump that is scheduled for Monday in Helsinki.
As a result, the dollar exchange rate to 14.28 GMT increased from the start of trading at 0.1% to 62,32 of the ruble, the Euro was down 0.3% to 72.45 rubles. The ruble price of a barrel of Brent crude remains around 4600.
Until the end of the day, the U.S. currency will fluctuate in the range of 61.8-62.8 EUR Euro – in the corridor of 71.8-73 rubles.
___________
Ivan Marchena,
Analyst
GK Forex Club