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26.11.2021: Oil prices dive 5%- Outlook for Brent, USD/RUB, GOLD.

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The final day of this trading week is coming to an end. Although the United States is still celebrating Thanksgiving Day, we would like to share with you information about the commodity market as well as the ruble exchange rate. Watch the video till the end and stay tuned for the latest news updates. Yesterday, we stated that oil had not lost value amid the news about a rise in crude oil stockpiles. Many traders actually believed that the price would not go down up to December 1. However, the market did sag under pressure from the inventory report. Thus, Brent crude oil dropped to $76.40. This can be attributed to an intention of a number of countries to release crude from their strategic reserves. Notably, at the beginning of this week, US President Joe Biden announced plans to release 50 million barrels from the US Strategic Petroleum Reserve. China, Japan, India, South Korea, and the UK followed suit. Against this background, Brent crude is expected to continue falling towards $76, then enter a slight correction, and hold firm in a range between the levels of $75 and $78 per barrel. Amid lower oil prices, the ruble lost several points against the greenback as expected. Now one US dollar is valued at 75.70 rubles. Besides, the Russian currency is being weighed by the stronger US currency, which is gaining in value amid fears of tighter quarantine measures. After all, the US dollar remains a safe-haven asset in the face of heightened market and socio-economic uncertainty. Therefore, the ruble is likely to trade in a range between 74 and 77 rubles. In the meantime, gold continues to edge higher. Amid growing concerns over new possible quarantine restrictions, gold prices have already reached the level of $1,805 per ounce. The situation in the market is really tense, which is why investors have shifted their focus to safe-haven assets. It is also apparent from the US dollar index, which has been rallying over the past few days. Well, that’s it. Thank you for watching! Subscribe to our channel, leave comments, and rate the video. See you!

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00:00 Intro
00:22 BRENT
01:27 USD | RUB
02:04 GOLD
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