Although the dollar has weakened markedly over the past few days, oil has failed to see even a local rebound. The thing is that despite the steps taken by financial regulators to stabilize the banking sector, there are still risks of a deep recession, accompanied by a noticeable decline in demand, including for energy.
Moreover, the risk of a recession seems to be growing. It is what is putting pressure on oil prices. Much will depend on tomorrow's meeting of Fed members and their comments on economic activity. Until then, crude will probably keep trading around $73 per barrel.
According to the trading chart, Brent crude oil futures gained downside momentum and reached the psychological level of $70 per barrel. As a result, the volume of short positions decreased, thus allowing the quote to pull back upwards. To resume a downtrend, the quote needs to return below $71. In this case, the asset will have a chance of breaking through the 70 mark. Until then, the benchmark is expected to continue rebounding, supported by fundamental factors.
Yesterday, gold tried to break through the level of $2,000 per ounce but failed. As a result, the yellow metal retreated to $1,970. Tomorrow's meeting of the Federal Open Market Committee is of great importance to market participants. The focus of traders will be on follow-up comments. If the Fed signals imminent monetary policy easing, gold will easily overcome the mark of $2,000 per ounce.
Speaking of the Russian currency, increased market volatility may signal that the ruble is trying to stabilize within another price corridor. Apparently, the new trading range will be limited by the levels of 76 and 77 rubles per dollar. Of course, the ruble will periodically get out of the channel but almost immediately return to the indicated zone.

00:00 Introduction
00:23 Oil Market Situation
00:45 Brent
01:26 Gold
02:00 USD/RUB
02:24 Conclusion

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