On Friday, oil prices extended gains amid a sustained decline in the US dollar. The greenback once again showed its inverse correlation with broader markets with other financial instruments. In addition, higher oil prices stemmed from the prospects of a rebound in energy demand following the news that the Chinese economy reopened after three years of restrictions.
As for fundamental factors, the macroeconomic calendar remains bereft of any important releases that could have a severe impact on oil prices. At the same time, there are media reports that although Europe has managed to avoid a catastrophe after refusing to buy Russian energy, the consequences of such decisions are negative. However, this is nothing new and can hardly affect investor sentiment. Thus, oil still depends on the US currency, which is extremely oversold. Thus, it is time for a correction that will inevitably weigh down on the energy market. The only question is when exactly this will happen.
Brent crude oil futures spent the past week moving sideways but still managed to close around the local high. To extend gains, the quote needs to consolidate above the 88.00 mark at least on the four-hour chart. Otherwise, another downward pullback cannot be excluded.
Meanwhile, gold remains relatively stable despite its inverse correlation with the dollar. Since the end of October last year, the asset has added almost 20%. If an uptrend remains intact, the yellow metal may well rise to the psychological level of 2,000 and then head for its all-time high. However, the asset is overbought, which paves the way for a possible technical correction. In this case, the metal is expected to slide below $1,900 per ounce.
Speaking of the ruble, it is also steady. However, the rules it follows are somewhat different from those of other financial instruments. In after-hours trade, the dollar fell below 68 rubles again, hitting the level of 66 rubles per dollar. Of course, later on, the quotes returned to the area of 68 to 69 rubles. Nevertheless, the very fact of such a steep drop signals improving investors' risk appetite. Apparently, market participants believe that the Russian currency has great upside potential. Thus, the dollar is expected to slide to the area of 67 to 68 rubles this week.

00:00 Introduction
00:25 Oil Market Situation
01:06 Brent
01:27 Gold
02:01 USD/RUB
02:44 Conclusion

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