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11.09.2019: Oil prices resume rally while ruble needs more growth drivers (Brent, USD/RUB)

The upbeat sentiment on the oil market was dented by the news from the United States. After pulling back on Tuesday, oil prices are trying to regain the bullish momentum. Meanwhile, the USD/RUB pair is trading mixed.
A wave of optimism hit the market that was caused by comments of the newly-appointed oil minister of Saudi Arabia. Despite that, traders continued selling oil futures on a short-term basis. Even the upbeat API report did not manage to reverse the bearish trend. The report showed that the US stockpiles of crude oil plunged by 7.2 million barrels in a week ended September the 6th, while the previous report indicated an increase. Nonetheless, another event absorbed the attention of market participants. They reacted to the news about resignation of US national security adviser John Bolton.
Oil prices came off the recent lows but continued rising moderately. The Brent crude benchmark was trading near 62.77 dollars per barrel. The resignation of Mr. Bolton who expressed hawkish views on the foreign relations can prompt Washington to take a milder stance towards Venezuela and Iran. In turn, it will contribute to a rise in supplies from these countries. Meanwhile, today investors are waiting for the publication of the official inventories data from the Energy Information Administration. The meeting of OPEC oil ministers and their allies in Abu Dhabi is also under the spotlight this week.
A minor decrease in oil prices may cap a further rise in the Russian currency. For the time being, the ruble is demonstrating a good performance. It is trading near 65.40 level against the US dollar. The short-term outlook for the pair implies that it will continue moving between 65 and 66 levels. No sharp fluctuations are expected as traders have taken a wait-and-see approach ahead of the ECB monetary policy meeting that will be held tomorrow. Next week, the Russian currency may get support from the Fed monetary policy meeting where the financial regulator is widely expected to cut the interest rate.
It seems that the EM currencies set a course for recovery after a tough August. The ruble is the best performer among other currencies of emerging markets. However, some EM and commodity currencies have reversed to the downside today.

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