The ruble ignores the growth in oil prices
Today, the ruble holds quite a boring and neutral day. U.S. dollar per date declines of 0.2% and is 66,38, the Euro rises in price by the same 0.2 percent and is trading at 75,60 RUB rates of the Central Bank of the Russian Federation on Wednesday, December 5, increased for both currencies and are 66,44 RUB per U.S. dollar (+15 cents) and RUB over the 75,65 Euro (+27 cents).
Major movement today are in the commodities market. The monitoring Committee of the OPEC cartel has given no clear guidance about production cuts or hold at today’s values, so the intrigue about the upcoming meeting of OPEC becomes more acute. A barrel of North sea Brent grade of oil to the middle of the day going up by 2.2% and is estimated at $63,03. Tonight the American petroleum Institute will publish fresh data on stocks of oil and oil products – earlier it became known that the stocks are expanded to ten weeks with little interruption.
The main driver in oil now is a theoretical agreement (again, only rumors, no facts, no) between Russia and Saudi Arabia on the reduction of daily production volume. Russia, by the way, now holds the maximum load, the Saudis also recently started to reduce production. In General, everything looks quite logical: the world economy slows down, the energy demand is not growing as I would like, it’s time to suspend this raw agony and stop to fill the market with oil.
More the market and no catalysts. One group of investors clearly prefer to save power before entering the facts from OPEC, and the other is trying to ride on the commodity rollercoaster.
The US dollar closed today’s session in the range 66,20-of 66.75, the Euro will finish the day in the hallway 75,40-75,95 RUB.