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FX.co ★ 25.11.2021: Oil likely to drift sideways until OPEC+ meeting - Outlook for Brent, USD/RUB, GOLD.

25.11.2021: Oil likely to drift sideways until OPEC+ meeting - Outlook for Brent, USD/RUB, GOLD.

The commodity markets kicked off Thursday relatively calmly. US financial markets are closed today, which is why volatility remains low. However, it is important for us to forecast near-term commodity price dynamics, so watch the video till the end! Yesterday, Brent crude oil dropped to $81 per barrel as part of a natural correction as expected. In general, oil prices are stable as traders are mulling over data on US crude oil inventories and waiting for OPEC+ to announce retaliatory steps after the United States and a number of other countries decided to release oil from strategic reserves. Against this background, top oil producers Saudi Arabia and Russia are considering a move to pause their planned oil production increases. Their decision will become known very soon. In the meantime, the oil market will most likely continue trading sideways until OPEC and its allies hold a meeting on December 1-2. Speaking of the Russian currency, while traders are assessing the latest statistics from the US, the ruble has been losing value against the greenback and the euro for a number of days in a row. At the same time, investor sentiment is being weighed down by new sanction threats and rising geopolitical tensions regarding Russia. The ruble is expected to remain unchanged until early December. The dollar/ruble pair will most likely trade in a range between 74 and 76 rubles per dollar. Gold began to gradually recover, heading towards its previous target of $1,800 per troy ounce. However, the precious metal will hardly be able to rise above this mark. Investors are awaiting the minutes from the US Federal Reserve's November meeting. Market participants are hoping to receive some clues about the future of its monetary policy. The information about the regulator's further steps to support the economy may affect the US dollar and thus gold. Until then, gold is likely to continue trading around the level of $1,800 per ounce. Well, that’s all. Thank you for watching! Subscribe to our channel, leave comments, and rate the video review. See you!

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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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