Positive dynamics in Brent and WTI provides support for the Russian currency. The bullish trend in the oil market will persist unless India reports a new round of the coronavirus spread. So far, all the factors are favorable for the Russian currency. Its further trajectory will depend on the news background. Oil prices were steady today after a rally in the previous session. On Monday and Tuesday, Brent has been extending gains. At the moment, it is trading at 68 dollars 02 cents per barrel and is likely to stay at the current levels. Yesterday, the European Commission proposed that EU member states ease the current restrictions on travel. Analysts hope this may help boost the number of trips to the coastal zone of the European region, thus driving fuel demand. Meanwhile, in India, the coronavirus situation has got worse in recent weeks, limiting crude demand in the country that is the third-largest oil consumer in the world. Besides, this situation clearly indicates possible downside risks for the oil market. In the next two days, Brent is expected to trade in the range of 67.50 to 69 dollars per barrel. WTI crude is likely to stay between 64 and 65.5 dollars a barrel. It has been showing steady growth recently and has settled at the level of 65.15. As for the Russian ruble, it has stopped its uptrend and hit a low of 74.20 against the US dollar. After the public holidays in Russia, the volume of trading is rather low. The pair is likely to hold within the price channel of 74.20 and 76.20 rubles per dollar. The ruble may well strengthen amid rising oil prices and positive fundamental background. Against the euro, the ruble is demonstrating similar dynamics. On Tuesday, the euro/ruble pair is trading at the level of 90.300. The expected range for the pair is seen between 90.050 and 90.350. rubles per euro. Today, investors are waiting for the news that can drive the markets. Thus, later in the day, the American Petroleum Institute will publish the data on weekly crude inventories in the US. Tomorrow, US non-farm payrolls for April will be released. We continue to monitor the situation and deliver the latest news for you.
FX.co ★ 04.05.2021: EM currencies rise amid higher oil prices (Brent, WTI, USD/RUB, EUR/RUB).
04.05.2021: EM currencies rise amid higher oil prices (Brent, WTI, USD/RUB, EUR/RUB).
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