It seems that oil prices took a roller coaster ride. This week market participants build up their buy deals while last week oil prices suffered losses. However, the rally is limited. First of all, let us draw your attention to the shale oil prices, which rebounded and are trading just above the level of $56 per barrel. The Light Sweet Crude Oil managed to recoup losses despite the latest reports from the International Energy Agency. On Friday, the report from Baker Hughes indicated that the number of active drilling facilities in the United States remained the same. It was quite positive news for investors as it signals that the Crude Oil production may slow down. Meanwhile, the news from Saudi Arabia provides support to oil prices.
The Saudi oil minister said that later this month, at the OPEC meeting in Vienna, the agreement on output cuts in likely to be extended. However, the Brent Crude Oil failed to gain ground on the back of this news. The benchmark is trading at $65.25 per barrel. Market participants worry that Russia will withdraw from the deals on output cuts. It may put the USD/RUB pair under pressure. Today, the Russian currency is already trading weaker against its American counterpart near the level of 59.36. The Russian ruble is likely to decline further while the new tax period in Russia, which will start in January, is drawing nearer.
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Post tags: Brent Crude oil, news, USD/RUB, WTI Crude oil
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