The price of oil is around $74, but the ruble failed because of the sanctions

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The price of oil (October futures) to 15.01 GMT on Wednesday 7 August, decreased in the correction by 0.7% to 74,11 per barrel for Brent.
The market of “black gold” is around $ 74 per barrel. Market participants act out the data of the American petroleum Institute on the reduction of its reserves in the U.S. for the week of 6 million barrels. Analysts had expected a decline of 2.3 million. Support for oil prices still stems from the U.S. decision to renew sanctions against Iran.
Meanwhile, the ruble is not responding to high oil prices, which in ruble terms rose above the level of 4800 per barrel for Brent. Moreover, the ruble has fallen today to the lowest level since the spring, when market participants act out the introduction of sanctions against “RUSAL”.
The reason for the panic was the attempts of analysis by experts of possible sanctions against Russia, described in a recently submitted to the Senate the bill of the United States. Again, the surface got fears off of Russian banks from SWIFT, as well as a ban on buying Russian debt. All this has left a psychological factor August, which is a sin not to play, if you really need.
In the end, the dollar exchange rate to 15.00 Moscow time rose by 2% to 64,75 ruble, the Euro by 1.9% to 75 rubles. Until the end of the day, the U.S. currency will fluctuate in the range 63,75-65,75 ruble, Euro – corridor is 73.8-76.2 ruble.
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Ivan Marchena,
Analyst
GK Forex Club