Thursday , April 15 2021

How many speculators drop oil prices and the Ruble exchange rate. Picture | Finance and Investments

OPEC Monitoring Committee could not meet last Sunday on stabilizing the situation on the oil market due to the lack of clear position of the cartel on plans to reduce production. Saudi Arabia's energy minister, Khalid al-Falih, restricts himself to say that OPEC and allies would try to reduce price volatility by throwing cherry on a cake as a pledge in December to reduce the export of "black gold" from & # 39; r kingdom of 500,000 barrel per day. However, such a rhetoric was uncertain for the market, and after speculators, stock market speculators increased the weight at the cost of the Brent barrel.

In the future, due to the unfavorable information background associated with the OPEC report on the potential oversight of raw materials on the global market in 2019, as well as the US Energy Department Energy Information Administration forecasts for the increase in producing shale oil in December by 113,000 barrels a day, oil quotes to collapse the closure of "long" players in connection with triggering protective stop orders.

At the present stage, speculators are predominantly in the oil market that has formed large jobs over the last month to reduce the future of oil. The reduction in the cost of Brent barrel by more than 7% on Tuesday, November 13, could be about the surrender of the "bulls", which is already pretty bored. Now, the price of the Brent referral rate is trying to get a surplus above the mark of $ 65 per barrel, and if it succeeds, then in the medium term we will be able to see a smooth recovery in oil prices to levels of $ 71- 72 y bobil.

The negative convergence in the global goods markets was the reason for weakening the Ruble exchange rate. However, it is worth remembering that the financial authorities at the beginning of this year made it clear to the market that they were not satisfied with the strong exchange rate of the national currency, and after launching the full mechanisms of the financial rule, they deliberately blocked the rubel dynamics.

As a result, the Russian currency began to ignore the positive factors that sometimes expose themselves into the merchandise markets, and regain the negative associated with active oil refining. However, with stabilizing oil prices, by the end of this year, the Ruble can fully return to the range of 65-66 pairs against the dollar.

Source link