After yesterday's rise, oil returned to its monthly average of $75 per barrel.
Yesterday, oil traders actively opened long positions after the news that Saudi Arabia decided to voluntarily cut oil production by 1 million barrels in July in an effort to ensure a steady rise in prices for the country's top export commodity. However, today, market participants have already reassessed this news, concluding that this decision will have little effect on the oil supply. After all, other OPEC+ members, including Russia, Nigeria, and Angola, continue to produce oil at fairly high levels.
Thus, Brent crude oil failed to extend gains. The asset ran into the area of 78/79 acting as resistance and reversed. As a result, the recent gap was filled by sellers, with the quote falling below the 76 mark. If the price fixes below the level of 75, the volume of short positions will increase further. That is, the benchmark will gain stronger downside momentum.
Investors seem to be looking for signs of a recovery in global economic growth and oil demand. Judging by trading dynamics on the price chart, there are few encouraging reports. Moreover, expectations of another Fed rate hike do not favor increased consumption either.
Traders turned less optimistic due to yesterday's data on US services industry activity. Growth in the country’s services sector slowed to a 5-month low, signaling that recession risks persist.
Nevertheless, gold prices remain well below the near-record high of $2,050 posted on May 5 as traders expect interest rates in the US, Europe, and Britain to stay high for an extended period due to persistent inflationary pressures.
A return below $1,940 could lead to increased short-selling activity and a decline on the price chart. A bullish scenario is possible only if the quote consolidates above the 2,000 level.
The ruble is still trading in the range of 81 to 82 rubles per dollar. So far, the currency pair has not reacted strongly to the geopolitical situation, which is getting worse every day. Meanwhile, Russia's finance ministry announced a 1.8-fold increase in the volume of foreign currency sales between June 7 and July 6. That is, the Ministry is taking steps to strengthen the ruble. Earlier, it viewed 75 per dollar as the preferred level for the ruble-dollar exchange rate. Perhaps, this is the mark to which the quote will dive.
That's all for now. We continue to follow developments in the financial markets. Subscribe to our channel and follow the news with us. See you soon!

00:00 Введение
00:09 Ситуация на рынке нефти
00:50 Brent
01:22 Инвесторы сосредоточились на поисках
01:43 Данные по деловой активности в США
02:00 Золото
02:38 USD/RUB
03:23 Заключение

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