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Oil prices are still holding at their peak levels. The quotes are moving higher thanks to the decision made by the US Federal Reserve. The regulator announced it will postpone the rollback of the quantitative easing program until November this year. This news encouraged the markets. Thus, US stock indices have posted the biggest gains, and the commodities market was also full of optimism. At the same time, market participants understand that assets tapering will start sooner or later which is also confirmed by the Fed. The prospect of policy tightening is still there, so the oil’s rally may turn out to be short-lived in the long term. Meanwhile, we have analyzed the industry data on oil stockpiles in the US. The report showed that crude inventories fell by 3.481 million barrels in the week ending September 17. It is the seventh period of decline which surpassed market expectations. So, formally, there is still a supply deficit in the oil market. Following the results of the Fed’s meeting and amid a persistent supply deficit, Brent crude has reached its local high of 76 dollars 30 cents per barrel. Thus, Brent has gained almost 17% since August 20! This is quite impressive. Analysts are sure that oil will keep rising higher. Its nearest target is located at 77 dollars a barrel. Yet, a short-term correction of several pips is also possible. The price of WTI crude is also rising. Currently, WTI is trading at 72 dollars 20 cents per barrel, and the uptrend is sure to continue. Bulls have an important obstacle ahead located at the resistance level of 73 dollars. If the price quickly passes this level, it may then head for the area of 73 dollars 50 cents per barrel. The results of the meeting of the Federal Open Market Committee supported the US dollar. Right now, the greenback has slightly eased against other currencies and pulled back from yesterday’s highs. Meanwhile, the ruble remains stable and its scale of decline is minor. The Russian currency has returned to the levels it saw during the Fed’s meeting. Once again, the oil market has acted as a strong booster for the ruble. The dollar/ruble pair remained mostly unchanged. Local swing movements ended flat near the mark of 73. The pair may resume its uptrend if the quotes hold above the level of 73.15. This will open the way towards the area between 73.50 and 73.65 rubles per dollar. Otherwise, the pair may get stuck in a narrow range for a couple of days. After a series of upside swings, the euro has stopped its rise against the ruble. It is currently trading flat in the range between 85.24 and 85.40. Traders are accumulating volumes, and the best strategy for now is trading on a breakout of either of the channel boundaries. In this case, we will enter the market following the leading momentum. As we can see, the markets have calmed down after the speculative buzz associated with the Fed’s decision. They are now looking for a new ground in the light of the recent events. Experts predict that the rally in the oil market will continue which is likely to support the Russian ruble.
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