The price of oil will determine the fate of the ruble

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In the Russian currency market remains calm in the course of trading. In the morning on Monday, the ruble loses 7 cents to the dollar, but takes away 4 cents from the Euro. The pair EURRUB hovering around 75, where started to increase in October. USDRUB a bit has not reached an important level of support at the 65 threw a 55-cents from this level.
The market is clearly waiting for new momentum after failing to start from the Friday of labour market indicators in the United States. A strong employment report were ignored, but because the dollar remains approximately at the same positions, which started trading on Friday. At the same time, oil rose more than 3% since mid Friday, returning to $63 per barrel Brent.
These levels are an important resistance area, where the oil is repeatedly unfolded to decrease since the beginning of December. In this regard, you should pay attention to the movement near these levels. A decisive breakthrough in the region are able to initiate further long-term growth. From technalia, the oil may not have significant obstacles for growth up to $71-$73.
Tensions in Venezuela contributes to increased oil production. Also cannot be overlooked that the active growth began on Friday after the publication of employment data in the United States. The continuing strong GDP and expectations of strong consumer demand, spurring the growth of oil. Another positive news is the drop in drilling activity in the United States, in response to the decrease in quotations. In November and December, the American manufacturers seemed to ignore this failure, while maintaining high drilling activity.
Often, it is a harbinger of production cuts in 6-9 months, defying forecasts for a further increase in supply from the United States.
Waiting for what will end the confrontation between bulls and bears on oil quotes habit also stuck close to their own important levels.
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Alexander Kuptsikevich,
Analyst
FxPro