A recent spike in US inflation to a 31-year high weighed on the oil market. As a result, it sank and even entered a sideways range for some time. Today, oil prices are suffering losses amid the news that OPEC has trimmed its world oil demand growth forecast for 2021. Besides, the quotes are coming under pressure from a potential release of crude from the US Strategic Petroleum Reserve. This could hardly be predicted. That is why many traders are now confused. We have considered all aspects of the situation and are ready to share our findings with you. Brent crude oil futures entered a steep correction the day before yesterday. The reason is that US President Joe Biden asked his top economic aides to explore ways to lower energy prices and strike back at any market manipulation or price gouging in this sector. Against this background, the authorities raised the prospect of releasing crude oil from the government's strategic petroleum reserve. This fact had a significant negative impact on oil prices. Thus, Brent crude dropped to $81.60 per barrel. Today, the oil market is expected to extend losses, falling to $81 per barrel. Meanwhile, the US dollar continued to advance in the foreign exchange market. The ruble tried to pare losses, but trade balance data exerted additional downward pressure on the Russian currency. The data showed that trade surplus amounted to $20 billion, which is 4.5 billion less than the projected figure. As a result, the US dollar gained in value. As for the dollar/ruble pair’s further movement, the greenback is expected to keep trading upwards. Currently, the price is confidently heading towards the level of 72.20 rubles per dollar. Besides, the pace of the ruble's decline may accelerate due to lower oil prices. In the meantime, gold reached the previously predicted price level and then entered a downward correction. Earlier, gold prices received support from the news on surging inflation in the United States. However, now this upside momentum has almost fizzled. Nevertheless, experts are confident that the precious metal still has a chance of extending gains, albeit after a decline to the level of $1,850 per ounce. This is necessary to cool the market, analysts say. As you can see, market volatility triggered by a surge in US inflation has eased. Therefore, trading on the last day of the week is going to be calm. Subscribe to our channel, watch daily reviews, and keep up to date with the latest news. 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
00:38 BRENT
01:18 USD | RUB
01:57 GOLD