The price of oil is down but remains at high levels

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The price of oil (June futures) to 14.39 MSK decreased by 0.79% to of 67, 79 dollars per barrel for Brent. The market of black gold is trading slightly down, but remains at a fairly high price levels in historical terms. This is facilitated by the presence of several conflicting factors.
So, Russian energy Minister Alexander Novak said that all OPEC members+ are interested in continuing the interaction at the end of the transaction, and the format of cooperation will be discussed at the next meeting. At the same time, according to service company Baker Hughes, a GE Company (BHGE), the number of active oil and gas rigs in the world in March increased by 194 units annually, or by 9.77%. While in monthly terms the United States have increased this rate by 20 units, or 2%.
The element of uncertainty with a negative sign again today brings the danger of a trade war the US and China. If yesterday there has been a reduction in the risk of its beginning, then today all the talk is the order of the trump U.S. trade representative to explore the possibility of increasing duties on goods from China for another $ 100 billion.
Finally, the uncertainty comes from the published today data on the U.S. labor market in March. If they are strong, it will increase the likelihood of tightening of monetary policy (DCT) of the U.S. Federal reserve, and that in turn will add pressure on risky assets and oil including.
The dollar 14.38 GMT increased from the start of trading 0.36 percent, to 57,92 ruble, Euro – by 0.24% to 70.86 ruble. The above-described danger to the markets venture capital and weigh on the ruble, and today the dollar and the Euro was approaching round the marks 58 and 71 rubles, respectively.
Until the end of the day, the U.S. currency will fluctuate in the range of 57.4-58.4 per ruble, the Euro – in the hallway of 70.3-71.5 ruble.
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Ivan Marchena,
Analyst
GK Forex Club