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13.10.2021: Oil prices to settle lower as energy crisis fears subside (BRENT, WTI, USD/RUB, EUR/RUB)

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The oil market kicked off the trading day with gains again. However, its upward trend is not as rapid as before. This can be attributed to the lack of news. There are signs of softening upside momentum. Nevertheless, there is no doubt that oil prices will soon resume their bullish run. In the meantime, Brent crude oil pulled back to the local high posted on October 11. Then, its price started to decline slightly. Apparently, the overbought status of the asset is dampening demand for commodities. Now there is no longer any reason for the price of oil to rise above the level of $84.5 per barrel. Perhaps participants are awaiting new data on oil inventories. Currently, Brent crude is trading at the level of $83.15 per barrel. By the end of the day, the price may drop to $83. As for WTI crude oil futures, it also pulled back slightly and stalled at around $82.15 per barrel. Then, the quote dropped by $2 to the current value. So far, there is no basis to claim that the US benchmark may gain strong bullish momentum. On the contrary, WTI crude will most likely gradually slide to the level of $80 per barrel. Well, the foreign exchange market shows no sharp fluctuations and dramatic changes. The US dollar continues to gain in value against major currencies. The ruble is still unable to decide on its further movement. Since the middle of last week, the Russian currency has been standing still. Neither trading excitement and growing deficit in the energy market, nor the record highs of the Moscow Exchange Index contributes to a rise in the value of the ruble. It is obvious that the Russian currency is overbought. Therefore, its further drop is highly likely. The dollar/ruble pair is standing still at the local low of June 11. Then, the quotes are expected to drift in a sideways range between the levels of 71.50 and 72.10 rubles per dollar. In this case, it is worth using a breakout trading strategy so that the price could breach one of the established channel's boundaries. This tactic can be also applied to the euro/ruble pair. The single European currency is no longer losing in value against the Russian ruble. The price found support and stalled. Currently, the quotes are trading in a sideways channel between the levels of 82.70 and 83.35. Going beyond these boundaries will be a signal for traders to enter the market. Thus, the ruble is expected to continue standing still, while oil prices will most likely settle lower unless there are new signs of worsening energy shortages.


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#commodity_market #oil #instaforex_tv

00:00 Intro
00:22 BRENT
00:58 WTI
01:23 RUB
02:04 USD | RUB
02:29 EUR | RUB
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