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20.05.2022: US suggests forming oil buyer cartel. Outlook for oil, gold, and RUB.

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Yesterday’s oil dynamic was rather weird. The quotes first went down, coming close to the level of $105 per barrel, but then suddenly jumped. As a result, oil prices settled above $110 per barrel again. Such a sharp increase can be attributed to the Group of Seven's idea to form a cartel of oil buyers to help limit prices. According to US Treasury Secretary Janet Yellen, Western countries should consider imposing a price cap on Russian oil. However, the implementation of such a plan raises numerous questions. Although the West has only voiced the idea, everyone is well aware that the very attempt to regulate prices will inevitably lead to energy shortages. This always happens when states try to intervene in the price formation process at the legislative level. Now let’s take a close look at the trading charts.So far, Brent crude oil futures have stabilized around $111 per barrel. If Western counties continue to work on the idea of forming an oil buyer's club, the benchmark will most likely edge higher. If this concept itself faces criticism, uncertainty will subside. This, in turn, will lead to lower quotes. The ideas put forward during the G7 summit also affected gold. It took the metal a long time to get out of a tight range. The very idea of ​​regulating prices for strategic resources raised concerns among investors. Against this background, the US dollar suffered losses, and market participants began to transfer their capital to other instruments, including safe-haven assets. Thus, gold managed to come close to the level of $1,850 per ounce. Its further dynamics will directly depend on whether the idea of ​​creating a cartel of buyers will evolve or not. If Western countries support this initiative, gold will extend gains. Moreover, it may well rise above $1,900 per ounce. However, if the market correction continues, buyers will face resistance at the level ​​of 1,870, or 1,890.The Russian currency has also hit a new high today, but this is not due to Janet Yellen’s proposal to create a cartel of oil buyers. The reason is a sharp increase in demand for the ruble amid gas payments. The Moscow Exchange saw a spectacular rise in trading volumes for the single European currency. The total volume of transactions in euros turned out to be even greater than in dollars. Apparently, one of the European countries paid for gas supplies. If there is a dramatic decline in currency supply volumes today, the market will quickly return to at least 62.50 rubles per dollar.

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00:00 INTRO
00:26 OIL
01:06 BRENT
01:38 GOLD
02:46 USD | RUB
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