Oil prices are set to end this week in the positive zone according to some experts. Today, the commodity is trading near long forgotten highs. First of all, let us pay attention to the Light Sweet Crude Oil. Reportedly, the Keystone pipeline that connects the United States with Canada was shut down due to an oil spill in North Dakota. In connection with this, the supplies in this region will be dirsupted until November at least. So, the shale oil prices reached the level of $59 per barrel. Furthermore, market participants were inspired by the report on Crude Oil inventories in the United States, which indicated a decrease. However, the report from Baker Hughes was not so encouraging, as it showed that the number of active drilling facilities in the US rose by 9 units.
Despite this disappointing news, oil prices extend gains. The Brent Crude Benchmark is approaching the 2-week high. Next week, the long awaited meeting of the OPEC and non-OPEC states will be held in Vienna, where the issue of extending the output cuts deal will be discussed. This important event influences the situation in the oil market and the dynamics of the commodity currencies. Today, the USD/RUB pair is trading near the level of 58.40. Apart from rising oil prices and the weaker greenback, the upcoming tax period in Russia provides support to the ruble. Some analysts expect the commodity currencies and oil prices to demonstrate more volatility on Monday when traders will be more active.
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