Today, oil is trading at 4-year highs amid the impact of the OPEC deal. Brent Crude Oil broke through the level of $69 per barrel. Experts note that the agreement to limit oil production in major oil producing states is supporting crude prices. In addition, some experts forecast a possible default of Venezuela. A significant decrease in oil supply from this country is expected due to lack of financial resources. Light Sweet Crude Oil is trading at highs around $63.40 a barrel. WTI grew amid the release of a report by the American Petroleum Institute. According to the API report, the US oil inventories decreased by 11 million 190 thousand barrels in a week, which exceeded the forecasts of the analysts. The oil stockpiles in the US are contracting amid cold weather on the eastern part of the country. Today, market participants expect official data from the Ministry of Energy and are sure that the government numbers will be similar.
In addition, oil purchases are quite limited amid the news about the intention of Donald Trump to fulfill his election promise to make the US the world leader in oil production. In the near future, the US President is going to lift the ban on drilling oil and gas wells in the Atlantic and Arctic oceans. The commodity currencies, in line with oil prices, remain at highs. Today, the Russian ruble extends gains against the US dollar. The USD/RUB pair stays around 56.90. Currency strategists note that traders are not in hurry to sell the ruble. Next week, the tax period starts in Russia, which will also support the ruble. Therefore, it is a good time for the Russian currency.
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