Why oil did not support the ruble?

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The price of oil (June futures) to 15.02 MSK grew by 0.79% to 71,83 dollars per barrel of Brent crude – the highest since December 2014.
The market of black gold is trading in tangible positive due to the deterioration of the situation in Syria. The risk of direct clashes of the USA and Russia in the middle East dramatically increases the award for energy.
Geopolitics compensated the traditional pressure on the oil quotes in the form of growth stocks. In the morning the prices are a little bit down on it. The American petroleum Institute (API) estimated that oil reserves in the U.S. for the week ended April 6 increased by 1.8 million barrels to 429,1 million barrels, while analysts expected a decline of the indicator by 189 thousand barrels.
Despite the super expensive oil, the dollar and the Euro for the third day in a row beat the record of growth against the ruble, updating multi-month highs. There is now a rare phenomenon when the growth factor of the oil market is not for the ruble, and even the opposite.
All because of geopolitics is directly related to Russia. So, the dollar reacted abruptly to the level of 65 rubles on trump’s words that Russia was preparing, if he wants to protect Assad in Syria as Washington prepares to use new and “smart” weapons. Trump also said that relations between Russia and the United States is now worse than ever, even than during the cold war.
In the end, the dollar jumped to 65.06 rubles – the highest level since November of 2016, Euro 80.5 rubles – the highest level since March of 2016.
To 14.55 GMT increased from the start of trading 2.44% to at 64,56 ruble, Euro – by 2.62% to 79,89 of the ruble.
Until the end of the day, the U.S. currency will fluctuate in the range of 63.5-65.5 ruble, Euro – in the hallway at 78.8 to 81.2 rubles. It is hoped that the ruble tries to stabilize and begin correctional growth to the major reserve currencies. The price of oil in rubles has jumped to multi-year highs – above 4500 rubles per barrel, signaling oversold of the ruble.
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Ivan Marchena,
Analyst
GK Forex Club