World oil prices slowly slides in anticipation of the OPEC meeting+

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The price of oil (July futures) to 15.16 GMT 23 may decreased by 0.6% to 79.12 per barrel for Brent. The market of “black gold” slipping, unable to gain a foothold above the key $ 80 per barrel for Brent.
Investors continue to react to news that OPEC+ at the meeting in June can make the decision to increase oil production.
This is possible due to concerns about expected sanctions decrease the supply of raw materials from Iran and Venezuela, which have already contributed to the rise in oil prices to the highest since 2014 levels.
There are short-term factors. Later on Wednesday, the US Department of energy will release the weekly data on dynamics of stocks of oil in the United States. Analysts expect that figure fell to 1,567 million barrels to 430,833 million barrels. In the night of Wednesday, the American petroleum Institute (API) reported that crude inventories in the country during this period fell by 1.3 million barrels.
The growth of the ruble against the major reserve currencies in the previous days was replaced on Wednesday by the downward correction, the more that the oil contributed to this. In the end, the dollar 15.02 GMT increased from the start of trading by 0.8% to 61,71 of the ruble, the Euro by 0.2% to 72,25 of the ruble.
Until the end of the day, the U.S. currency will fluctuate in the range 61,2-62,2 ruble, Euro – in the hallway and 71.6-72.8 ruble.
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Ivan Marchena,
Analyst
GK Forex Club