Oil prices have stabilized and there are no factors that could budge the quotes in the short term. The risk of a global economic crisis persists. Thus, a potential drop in energy demand will gradually put pressure on oil prices.
Meanwhile, the European Union is working on a new package of sanctions against Russia, considering measures to crack down on the circumvention of existing restrictions, including the purchase of Russian energy via third countries. In this case, the global market will lose colossal volumes of oil and gas, which in turn will result in a catastrophic deficit.
In addition, this could lead to a surge in prices. However, there is no clarity on this issue yet, so the asset’s further dynamic will depend on fundamental factors.
Since the beginning of the trading week, Brent crude oil futures have been on the rise from the support level of $70 per barrel. The asset has gained over 10%, hitting the level of $77. Despite a fairly strong price change, the medium-term trend is still bearish. At the time of preparing the material for this video, the benchmark has slid to the level of 73.50 dollars per barrel.
A decline in prices can be attributed to US Energy Secretary Jennifer Granholm’s speech to Congress. According to her, it will be "difficult" to replenish strategic oil reserves this year. This has sparked speculation that the US government intends to resume buying oil only at lower prices. The only question is how the US will bring the price of oil down. "We will continue to look for that low price into the future because we intend to be able to save the taxpayer dollars," Granholm noted.
In the meantime, the global banking sector is mired in uncertainty. Fears are rising even despite US Treasury Secretary Janet Yellen’s comments. She said the government is willing to take further action to stabilize US banks if necessary, which forces investors to avoid risky assets.
Against this background, investors are looking for ways to protect at least some part of their capital. In current realities, gold is a top choice for investors to hedge against potential financial risks. Thus, the yellow metal is gradually approaching $2,000 per ounce. If the price overcomes this mark, the way to $2,100 per ounce will open.
The Russian currency remains stable. It is still trading in the range of 76 to 77 rubles per dollar. Despite the regulator’s further monetary policy tightening as well as the resilience of the Russian economy in the face of the sanctions regime, the ruble is standing still. This is due to the Ministry of Finance, which continues to carry out foreign exchange interventions aimed precisely at weakening the Russian currency. This is often indicated by a price return above the 77 mark. Thus, there is still a likelihood that the dollar will extend gains against the ruble.
At the same time, any change in the parameters of foreign exchange interventions will instantly change the situation and support the ruble.
That’s all for now. We wish you profitable deals. See you on our channel with a new video in a couple of hours!

00:00 Introduction
00:20 New sanctions package
00:47 Impact
01:02 Brent
01:32 Jennifer Granholm's speech
02:10 Situation in the banking sector
02:29 Gold
02:54 USD/RUB
04:04 Conclusion