Crude prices are rising today. One of the key reasons behind the uptrend in the oil market is the report delivered by the American Petroleum Institute. The data showed a decline of 7 million 382 thousand barrels in the US Crude Oil stockpiles last week. Now, market participants expect the Energy Information Administration to reveal similar statistics later in the day. These expectations support the Texas Light Sweet Crude that is trading near $57.60 per barrel. The Brent Crude Oil is moving around $64 per barrel today. The London Brent Crude Oil has been backed by the news that one of the UK’s most important pipelines in the North Sea stopped operating due to repairs that might take up to several weeks.
Commodity currencies are following crude dynamics. The USD/RUB pair is trading near 59.10 levels. Currency strategists believe that the FOMC Meeting Minutes will have a certain impact on the pair in the near future. The chart is likely to near the mark of 59.40. Market participants should also keep in mind that tax period in Russia will start on December 15th. Besides, a temporary shutdown of the Forties pipeline in the UK will make crude prices soar to highs, which in its turn will trigger a rise in commodity currencies.
© Prabhu for Forex Videos, 2017. |
Permalink |
No comment |
Add to
del.icio.us
Post tags: Brent Crude oil, news, USD/RUB, WTI Crude oil
Feed enhanced by Better Feed from Ozh
Disclaimer: Please note all prices are for information only, they should not be relied upon for accuracy or trading. All prices quotes are based on CFD prices and are similar though not always identical to real exchange prices. STOCKTRKR or anybody connected with STOCKTRKR will not accept any liability for loss or damage arising from use of any information/commentary/charts or articles which is provided 'as is' for educational purposes only, nothing contained on this website should be considered as investment advice - please seek proper investment advice from registered financial broker or institution if you wish to trade on global markets and ensure you are familiar with the risks.
