The news that US crude oil inventories fell again went unnoticed by traders. Why?
The American Petroleum Institute reported that US crude oil stockpiles dropped by 1.7 million, compared with analysts' expectations for a 1.5 million-barrel increase. Today's data from the US Energy Department is expected to show a 1 million-barrel rise. If a decline in reserves is confirmed, oil prices may well resume gains.
Despite repeated speculative bursts of activity in the market, Brent crude oil continues to trade downwards. A somber mood has been prevailing since the opening of the trading week. To extend weakness, the quote needs to stay firm below the 75 mark. Otherwise, range-bound trading within 2-3% is possible. Let's see if statistics on US crude oil inventories will bring the quote back up.
Gold is still trading under pressure from the US dollar at around $1,960 per ounce. To some extent, such behavior indicates that market participants do not seem terribly optimistic about the greenback and rather expect it to slide. From a technical point of view, gold futures have not hit new lows for about a week, which may signal that its prolonged correction is coming to an end. However, a primary technical signal of a trend change will be generated only after the price returns above the 2,000 level. Until then, the market is expected to remain in a correction.
Meanwhile, the Russian currency is holding steady at around 81 rubles per dollar. The situation is unlikely to change before Friday as market participants will probably stay on the sidelines, awaiting the outcome of the meeting of the Bank of Russia.
If the regulator leaves the key interest rate unchanged, which is the most likely scenario at the moment, the dollar will shift to 80 rubles or even below. According to estimates, after a fairly rapid slowdown in price increases, inflation seems to be accelerating again. However, the inflation data will be released only in a few hours after the Bank of Russia holds a press conference.
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 Introduction
00:10 Oil Market Situation
00:38 Brent
01:12 Gold
02:00 USD/RUB
02:19 Bank of Russia Interest Rate
02:47 Conclusion

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