Sentiment in the oil market is rather pessimistic and crude prices are heading towards weekly lows. The Brent Crude Benchmark fell by almost 2% falling to $62.16 per barrel. The report delivered by the Energy Information Administration disappointed oil traders. While US Crude Oil stockpiles decreased by 5 million 117 thousand barrels, the US gasoline inventories advanced by 5 million 664 thousand barrels, which points to hydrocarbon oversupply in the market.
The WTI Crude Benchmark is also trading downwards at as low as $56.35 per barrel. The report by the International Energy Agency dented market sentiment. Experts raised their US crude output growth forecast for 2018, which means that the US dollar will be the only obstacle to the OPEC+ aim fulfillment.
As for the commodity currencies, the Russian ruble does not follow the crude dynamic. The USD/RUB pair is trading near 58.65 levels as the greenback weakened after the FOMC meeting, while the ruble is supported ahead of the Central Bank of Russia’s meeting. Investors are sure that the Russian regulator will trim the key interest rate tomorrow. Crude prices are likely to close the trading week in negative territory.
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