Today, oil is showing mixed dynamics. The Light Sweet Crude Oil is trading under pressure. wTI Futures are trading at $58 per barrel, after dropping from above $58.30. Crude weakened amid an increase in oil production in the US. The volume of daily production is gradually approaching the level of 10 million barrels. Experts note that the indicator will continue to grow in 2018. However, some analysts believe that crude is supported by the extension of the OPEC deal aimed at cutting production, which does not allow Brent to sink to $64 a barrel and below. Meanwhile, Brent Crude Oil is trading under pressure amid expected restoration of the Forties pipeline, which ensures the delivery of oil from 85 fields. Experts predict that repairs will be completed in early January.
Meanwhile, oil traders are taking a wait and see approach, which helps the commodity currencies to stand up against the US dollar. As a result, the USD/RUB pair is trading at 58.31. The tax period in Russia also has a positive effect on the Russian currency. Since December 25th is the start of the Christmas holidays in the US and Europe, analyst are sure that the ruble will continue to grow against the US dollar. Analysts believe that oil can lose about 0.5% by the end of the trading week.
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