FX.co ★ 30.07.2021: RUB assets strength amid rising oil prices - (Brent, WTI, USD/RUB, EUR/RUB).

On Friday, trading kicked off with an increase in prices of two benchmarks. Many experts believe that Brent and WTI may end the current week on a positive note. Oil prices gained momentum following API data, which showed a drop in US oil crude stockpiles. Some commodity market experts are sure that oil crude inventories in the US continue to decline. After bouncing off the 67.5 level, Brent crude moved up higher amid a positive fundamental background. As a result, its price came close to the high of July 14. Notably, near this level, there was a decrease in the volume of long positions. Experts also suggest that Brent crude looks overbought, which may lead to a technical correction. If so, the quote may move in the range of $74.50 - $74.00 per barrel. This may happen as early as the beginning of next week. Although in the medium term, a significant decline in the quote is not expected. As for WTI crude, its quote is still quite far from the high of July 14. Moreover, bulls have clearly run out of energy. This is why the price may slightly retreat downwards. Judging by technical indicators, it may happen no earlier than Monday. However, this may be only a temporary drop as there are no fundamental reasons for a prolonged decline in the price. In the meantime, WTI crude may rise to $74 per barrel and then slightly edge lower before the next increase. The dollar/ruble pair was gradually declining as the ruble was asserting strength. Experts say that the main reason for the strengthening of the ruble is the steady growth of oil prices and the prospects for the shortage of oil. As a result, its quote reached the next support level around 73. Near this level, there was a drop in the volume of short positions which triggered a rebound in the price. So, the ruble is still trading below its actual value. It may enter a small correction in the area of 72.60-72.80. The euro/ruble entered a sideways channel in the range of 86.70 - 87.50. The most optimal trading strategy in this situation will be the breakout trading strategy. The ruble is currently climbing. So, the pair is heading for the 86.60 level. Shortly after, a correction may occur. Now, we should not expect any significant changes in markets. August is traditionally the least volatile month. So, the current trading range will remain for a long time. We continue to monitor the market situation and share with you the most important news and forecasts. Don't miss our next video review!

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