The price of oil started to decline and the ruble is gradually losing ground
Russian ruble on Wednesday afternoon partially retreats to a basket of currencies. The U.S. dollar is worth 57,58 RUB (+0,13%). The Euro is trading at 71,38 RUB (+0,01%). Official rates of the Central Bank of Russia for tomorrow, March 29, 57,55 make up a RUB for the American currency and 71,33 RUB for Euro. Both estimates revised on the increase, with 38 and 7 cents, respectively.
The commodity market remains in correction area. A barrel of North sea Brent crude traded at $69,16 (-0.4 per cent). Yesterday’s statistics from the American petroleum Institute (API) showed an increase of oil reserves – more than assumed a fairly modest projections. At the same time stocks of gasoline and distillates has naturally reduced the demand for fuel is restored, as it should be on the calendar.
Tonight, US Department of energy will release the same releases, and if his observations coincide with the data API, the bears in the oil will get a new reason for sales. If the report will be positive and will show or reduction of oil reserves, or a slight increase, prices will remain neutral. The main stress, as I think, already reflected in the prices.
In the pair dollar/ruble present a growing trend, but the trend strength is not enough. To “American” went to the track proper growth, you need a pinning tool above 57,85 RUB – ideally, and higher 58,0 RUB on. Then the market will be the basis for the passage in the direction between 58.50 rubles per U.S. dollar to start. The driver in the form of external negativity in this case would be sufficient. The pair dollar/ruble will close the bidding environment in the corridor, representing 57.30-57,80 RUB over the USD and the Euro/ruble – in the range of 71.00-of 71.00. the European currency.