In today's review, we will reveal what triggered a decline in oil prices and why the ruble is in no hurry to rise in value. It will be interesting - stay tuned! Thus, in yesterday's trade, oil prices pulled back from the previously gained positions. According to experts, the main reason for the recent growth was traders’ hopes for quick economic recovery and an increase in demand. Apparently, this period is over. Yesterday, Brent quotes dropped to $72.00 per barrel. Nevertheless, the upward cycle is still relevant in the market. However, the price is currently correcting against the background of sharp demand for the US dollar following the Fed meeting. In order to consider long positions again, it is worth waiting for the quotes to rise at least above $74.00. This will be possible only next week. Perhaps the future increase in prices will stimulate a decrease in oil inventories. Speaking of US West Texas Intermediate crude oil, the level of $70.00 per barrel acts as resistance. Likewise, the benchmark has entered a correction. The quotes' further dynamics depend on market participants. Experts recommend choosing trading tactics, focusing on the price movement. Moreover, WTI crude may both break through the control level and make a rebound. Yesterday, the USD/RUB pair’s rally fizzled and the ruble managed to recoup some losses. The upward trend initiated on June 16 was broken, which is a sign of a trend change. In case the Russian ruble rises above the level of 72.00 on the four-hour chart, traders will have a chance to open long positions on the currency. Until then, the quotes are likely to continue correcting around the mark of 71.50. As for the EUR/RUB pair, the situation is different. The ruble is not just dropping hints about a possible resumption of the downtrend. On the contrary, it is losing value. The pivot point is 86.90. Against this background, analysts cannot rule out a descent to the level of 85.00 rubles per dollar. In general, the ruble is expected to dive, even amid higher oil prices. Despite the positive outcome of the meeting of US President Joe Biden and Russian President Vladimir Putin, the ruble, like many other currencies, was trading under pressure during the first half of the previous trading day due to US Federal Reserve policy adjustments. Therefore, the ruble is likely to trade downwards weighted by growing demand for the US dollar. That's all for now! We are happy to work for you. Subscribe to our channel and watch new videos!
FX.co ★ 18.06.2021: Oil prices slide - (Brent, WTI, USD/RUB, EUR/RUB).
18.06.2021: Oil prices slide - (Brent, WTI, USD/RUB, EUR/RUB).
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