The oil market is currently trading sideways. Oil prices have been drifting near $82 per barrel for about a week. However, many experts predict an imminent rise in quotes to $120. Such a scenario is likely if OPEC+ does not take measures to boost oil production. Will it happen? What do you think about OPEC's policy and future oil prices? Leave comments. In the meantime, let’s move on to a more detailed analysis. Despite clear forecasts indicating higher oil prices, this has not yet happened. Today, Brent crude has dropped $81.5 dollars per barrel. The benchmark seems to be striving to reach the level of $81. The downside momentum can be attributed to the situation on the world stage. In particular, during a virtual summit with Chinese President Xi Jinping earlier this week, Joe Biden urged him to consider a release from the country’s emergency oil stocks. Earlier, the US President called for the same measure within the United States. Therefore, forecasts suggesting a rally in oil prices are temporarily obsolete, and the oil market continues to decline. As for the foreign exchange market, the ruble is trading downwards against the US dollar. The Russian currency, like most other assets, began to suffer losses. The main reason is renewed optimism following the release of US macroeconomic indicators. Statistics turned out to be better than expected, and today the market is also awaiting upbeat reports that could drive the greenback higher. At the same time, the number of factors that could support the ruble is decreasing. Moreover, the Russian currency is being weighed down by GDP data for the third quarter. Russia's economic growth is expected to slow down to 4.2% from 10.5%. Therefore, the ruble will most likely continue to trade under pressure from the US dollar. In the meantime, the dollar/ruble pair resumed its upward trend after a short period of stagnation. In the face of geopolitical pressure on the Russian currency and anticipated financial news, the greenback is highly likely to extend gains against the ruble. Market participants expect the pair to trade at the level of 73 rubles per dollar. The main safe-haven asset lost value as well. On Tuesday, gold fell after the United States reported positive data on retail sales and industrial production in the country. The more upbeat the statistics on the US economy is, the stronger the dollar is and the fewer traders are interested in the precious metal. Moreover, judging by the forecasts regarding today's US macroeconomic indicators, gold prices have every chance of extending weakness. Yesterday, gold futures failed to consolidate above the level of $1,870 per troy ounce. As a result, the asset lost 1.25% of its value. Traders viewed that movement as a correction that had been long overdue. Now the correction is over and gold has resumed its bullish run. Currently, the precious metal is valued at $1,860. According to experts, oil prices are likely to advance to the resistance level of $1,870 and even higher. This mark could be easily overcome on the second try, analysts note. Well, yesterday's positive statistics on the US economy have affected almost all assets. Today's news may well fuel demand for the greenback. That’s it. Leave comments, ask questions. We will answer them in the next review. See you!

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00:00 Intro
00:29 BRENT
00:53 RUSSIA’S GDP GROWTH RATE
01:38 USD | RUB
01:58 GOLD