The early trade in the commodity market turned out to be quite interesting. Despite the numerous negative factors, oil suddenly gained in value. Why? Watch the video to find out what happened. The first factor that could have contributed to lower oil prices is the release of US crude oil inventory data. The indicator rose more than expected, while analysts expected the oil market to remain in deficit. Contrary to market expectations, Brent crude oil advanced to $82.60 per barrel. Experts believe that high gasoline prices in the United States may be the result of the machinations of oil companies. Therefore, US President Joe Biden decided to announce a release of oil from the nation's Strategic Petroleum Reserve in an effort to lower energy prices. The current rise in oil prices seems to stem from speculative trading. Thus, Brent crude is expected to drop to at least $81 per barrel in the near future. After all, all the factors indicate this is the most likely scenario. On Tuesday, the ruble slid, hitting multi-month lows, but then gained following higher oil prices. However, today, the Russian ruble’s dynamic is rather subdued. Nevertheless, the ruble has strengthened to 74.30 amid today's unexpected rally in oil quotes as the situation in the oil market and foreign policy news headlines are still in the focus of market participants. Besides, the fact that the US market is closed today, is forcing Russian exporters to complete the necessary sale of foreign currency earnings on Wednesday to meet tax payments on Thursday, which may support the ruble. Thus, the Russian currency may extend gains up to the level of 74 today. Over the past few days, gold has finally lost its safe-haven status. The precious metal tumbled to $1,792 per ounce. This can be attributed to investor expectations of today's important reports. Ahead of their release, the price is likely to drift around the level of $1,790 per ounce. In case of negative economic indicators, traders will most likely shift their focus to gold. In this case, gold prices will rise by about half a percent. That’s it. Subscribe to our channel, stay tuned, and leave comments. See you!

https://www.instaforex.com

FX Analytics - https://www.instaforex.com/forex_analytics
Forex Calendar - https://www.instaforex.com/forex_calendar
Forex TV from InstaForex - https://www.instaforex.com/instaforex_tv

Forex charts - https://www.instaforex.com/charts
Instant account opening - https://www.instaforex.com/fast_open_live_account
Forex Trading Contests - https://www.instaforex.com/forex_contests

List of official InstaForex blogs:
https://www.facebook.com/instaforex
https://www.instagram.com/instaforex/
https://twitter.com/InstaForex

#commodity_market #oil #instaforex_tv

00:00 Intro
00:14 US CRUDE OIL INVENTORIES
00:28 BRENT
01:10 USD | RUB
01:56 GOLD