The price of oil is preparing to collapse?

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The Russian financial market reacts quite calmly to the inauguration of Vladimir Putin, who will be at the helm of the country for another 6 years. However, any significant changes on the MICEX probably expect today and not worth it. But, the intrigue around the candidacy of the future Prime Minister could escalate the situation on the Russian market.
Meanwhile, the government will increase pressure on the ruble. The Ministry of Finance in may-June will be directed on purchase of foreign currency, more than 320 billion rubles. With a daily volume of interventions will increase by almost 40% in the coming months due to the large number of days. If in April the Ministry of Finance redeemed approximately around 11.5 billion daily in may – June we expect daily purchases of more than 16 billion rubles a day.
On this background the dollar exchange rate on the Moscow stock exchange is around 62 rubles 85 kopecks, the Euro traded at around 74 rubles 85 kopecks. The MICEX index is at the level of 2300 points, the quotations of Brent oil matched to the level of 76 dollars per barrel. Bitcoins according to the website CoinMarketCap is just above $ 9,300.
Oil prices stormed to new highs. But, if you look at the technical picture on the weekly and daily charts Brent crude there are alarming signals for customers who will soon have to lead at least to a correction of the black gold. If this correction in turn is too early to say, but a possible weakening of prices for energy resources along with large purchases of the Ministry of Finance in the foreign exchange market practically deprive the Russian currency the chances of growth. It is likely that by the end of may trade in the currency pair dollar/ruble to move within the range of from 63 to 64 rubles.
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Gleb Zadoya,
The head of the analytical Department of the company,
ANALYTICS Online