Oil prices continue to consolidate around the previously reached highs. Brent Crude Oil is trading a little below a 3-year high at $68 per barrel. Oil managed to advance amid concerns about interruptions of oil supply, which are possible amid political tension in Iran and a winter storm that hit the eastern coast of the United States. However, further growth is limited as market participants take into account the high probability of oil production recovery in the US. Today, traders are waiting for the Baker Hughes report on the number of active oil rigs in the US. Meanwhile, the market is under the influence of the data on Crude Oil reserves released by the US Department of Energy.
According to the report, the US oil inventories decreased by 7 million 419 thousand barrels over the past week. The rally of WTI Crude Oil was also suspended. After reaching the level of $62 a barrel, WTI started to correct as traders are fixing profits. The market of commodity currencies faces a similar situation. The ruble corrects its movement against the US dollar after a fall to 56.80. So, now traders are fixing profits as the corrective movement upwards will increase after the end of the New Year holidays in Russia, which will end on January 9th. In addition, market participants are waiting for the publication of the US Labor market data, which will support the greenback against major counterparts.
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