The ruble on Monday, may strengthen amid rising oil prices
On Friday, November 30, at the end of the trading session on the Moscow exchange rate of the us dollar calculations “tomorrow” increased by 74 kopecks (-1,12%), to 66,95 Euro and by 33 kopecks (+0,44%), to RUB 75,73
In Friday trading on ruble pairs closed lower. The pressure on the ruble comes from the fall in oil prices, the escalation of the conflict between Russia and Ukraine, and also due to the cancellation of Donald trump meeting with Vladimir Putin. Investors fear the tightening of anti-Russian sanctions in connection with the conflict in the Kerch Strait.
The ruble after strengthening surrendered their positions in the market before the weekend. The dollar rose to 66,92 Euro – up to 76,14 RUB.
On Monday, the major currencies responded positively to fundamental events that marked the weekend. The G20 summit was held. Russian President Vladimir Putin told world leaders his stance on the incident in the Kerch Strait.
The US and China have agreed to suspend trade war to the end of the first quarter of 2019. China agreed to increase agricultural, energy, industrial and other products from the United States to reduce the trade imbalance between the two countries.
Monday, 3 December, oil has risen 5.7%, to $62,50 per barrel. The main reason for rising oil prices – Russia and Saudi Arabia agreed to extend the term of the agreement OPEC+. This week, December 6, OPEC will meet in Vienna to discuss reducing oil production.
Because the morning increase in oil prices on ruble pairs trading on Moscow exchange will open gap down by about levels 66,56 RUB per U.S. dollar and 75,54 RUB for Euro. In the pair dollar/ruble support passes through the level 66,21 RUB and EUR/RUB – through the level of 75.25 RUB.
analyst at Alpari