The ruble remains neutral to the fall in oil prices
After a morning flight from the risks of tensions among investors has slowed down and the European stock markets settled in positive territory. Against this background, Russian indices, ignoring the drawdown in oil prices, will come out. Moreover, the time index Mosberg has updated the historical maximum, while the RTS has touched a week tops. In the second half of day the index of Masuri increases by 0.32% and the RTS gaining 0.68 percent, despite the near-zero dynamics of the ruble.
The dollar/the wheel after some hesitation and attempts to confirm a breakout RUB 65 is located near a key level at the level of the opening. On the one hand, our currency presses the negative dynamics of oil prices, which failed to gain a foothold on a mark of 68 dollars per barrel of Brent. On the other – the demand for the dollar has fallen a bit due to the cooling of interest in protective assets. Thus, the current picture of the Russian currency is neutral. The resumption of flight from risks able to return the dollar beyond the level of 65 rubles.
Brent crude on the eve of the cut intraday losses, but the market lacks the confidence to go to recovery. Now everything points to the fact that the players seek to profit taking on any more or less distinct growth attempts. This means that the raw materials segment is dominated by fear of the consequences of a trade war, while the prospects of supply reduction and extension of the transaction OPEC+ are still in the background.
____________________ Gennady Nikolaev
Academy of management Finance and investment