The price of oil: a Barrel of North sea Brent costs $65,59 adding 0.1%

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The Russian ruble on Tuesday weakly retreats to a basket of currencies. The US dollar is, to date, 56.56 per RUB (+0,2%). The Euro is trading at 69,78 RUB (+0,2%). Official rates of the Central Bank of Russia for tomorrow, March 7, 56,50 make up a RUB for the American currency and 69,73 RUB over the European. Both estimates revised lower by 60 and 44 kopecks, respectively.
Oil prices in the middle of the day, a balance in positive territory. A barrel of North sea Brent costs $65,59 (+0,1%). The commodity sector is waiting for updated data on stocks of oil and oil products, which will be published today and tomorrow in the evening. The median forecast based on the results of the survey of Bloomberg, suggests the growth in crude oil inventories of 2.5 million barrels in the week to March 2. Gasoline inventories are expected to have increased by 1.7 million barrels, distillate stocks could sink by 0.7 million barrels.
This week investors will closely watch indicator of the crude oil at the terminal Cushing – yesterday’s strengthening of the raw materials ‘ quotes was based on the rumors of a sharp decrease of the indicator.
From yesterday’s attempts of the dollar to consolidate above 57,25 RUB did not work, and today’s sluggish market attempts to push the American currency in the direction 57,0 RUB, too, is not as impressive as they look. Session Tuesday for the pair dollar/ruble will be closed within 56,35-57,10 RUB, and Euro/ruble – in the range 69,60-70,55 RUB.
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Anna Bodrova,
Senior analyst,
Alpari