The oil is virtually immobile before OPEC’s decision+

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The price of oil (August futures) to 15.03 MSK 20 June increased by 0.3% to 75,28 dollars per barrel for Brent. The market of “black gold” has not changed, continuing to evaluate the prospects of OPEC’s decision of 22 June about the size of the collapse of the deal to cut production. Major oil exporters – Russia and Saudi Arabia – insist on increase in production of 1-1. 5 million barrels per day. However, some OPEC members, working at the limit of production capacity, in favour of maintaining restrictions.
The ruble is adjusted up to the dollar and the Euro after 4-day decline against the currency of the United States and 3 days against the Euro. Verbal support for the currency of the Russian Federation gave first Deputy Prime Minister – Finance Minister Anton Siluanov, who said the lack of fundamental reasons for the decline of investors ‘ interest in OFZ bonds.
This factor was the reason for the weakening of the ruble after the recent hint by the Central Bank of the Russian Federation about the pause in the reduction of the key rate. The outflow of funds from emerging markets for Russia, but in low extent, the Minister added.
In the end, the ruble price of oil fell below the level of 4800 per barrel for Brent.
The dollar 15.02 GMT were down 0.5% to 63,58 rubles, the Euro by 0.6 percent to 73,60 of the ruble.
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 73-74,2 rubles.
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Ivan Marchena,
Analyst
GK Forex Club