The American Petroleum Institute's data on crude oil inventories published a day earlier triggered panic and a sharp rise in oil prices, while the release of similar data from the US Energy Department, confirming a sharp decline in stockpiles, led to a slight rebound.
The point is that official data from the US Department of Energy showed an increase in fuel production, in contrast to American Petroleum Institute figures. This somewhat calmed the market. Apparently, investors will now shift their focus to preliminary data on inflation in the euro area to be released tomorrow. This news is expected to have a significant impact on market sentiment. Oil prices will most likely try to stabilize at current levels.
According to the trading chart, the volume of long positions decreased when Brent crude oil futures approached the level of $80 per barrel. As a result, the benchmark slowed down the pace of its upward cycle and slid by about 3%. If the price fails to consolidate above the 80 mark on the daily chart, the current bullish correction will be replaced by a gradual decline.
Meanwhile, gold continues to trade in the middle of the range limited by the levels of 1,950 and 1,975 dollars per ounce. For now, there are no factors that could budge it. Nevertheless, data on Eurozone inflation to be released tomorrow is expected to make the market move. After all, the European Central Bank’s further interest rate decision depends on this report.
This range-bound trading may well indicate a shift in market sentiment. In this case, another increase in the volume of long positions will sooner or later lead to a breakout of the 2,000 mark.
Speaking of the ruble, the situation remains unchanged, despite the dollar's attempts to rise above 77 rubles. The Russian currency is still drifting in the range of 76 to 77 rubles per dollar. This stability can be attributed to factors contributing to both its strengthening and weakening. The ruble’s behavior over the past year indicates its ability to remain in a relatively tight range for a long time. This is precisely what we are witnessing right now. Apparently, things will not change until at least next week.

0:00 Introduction
00:23 Oil prices: waiting for tomorrow?
00:55 Brent
01:22 Gold
02:03 USD/RUB
02:37 Conclusion

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