Oil price is trading near its 9-month high as investors are being guided by fundamental factors. According to the International Energy Agency, the extension of supply cuts by Saudi Arabia and Russia will lock in a substantial market deficit through the fourth quarter.
Against this background, oil is still holding at around 92 dollars per barrel. Well, it is probably for the best. After all, a continued rise in crude prices would have taken the asset deeper into overbought territory, thus adding to market imbalances. That in turn could have resulted in a sharp and unpredictable collapse as well as panic among market participants.
Moreover, the world’s largest economies are actively preparing for the heating season. After slight stagnation, oil prices will most likely fall below 90 dollars per barrel before resuming steady gains.
Gold was probably the only one to react to rising inflation in the United States. The yellow metal dipped below $1,910 per ounce. Given that the European Central Bank is expected to raise interest rates today, gold prices will probably extend weakness, slumping below $1,900 per ounce.
The Russian currency is still trading in the range of 96 to 97 rubles per dollar, but today it may well resume gains. After all, it is today that the Bank of Russia is supposed to start selling foreign currency through interventions. This fact is likely to support the ruble.
In addition, many market participants expect the Bank of Russia to raise interest rates further. The regulator may lift the key rate to 13.0% from 12.0% as early as tomorrow. All this could bring the US dollar down to 90 rubles per dollar. However, this process will not be quick.
Meanwhile, the stock market is still trading at 3,150. Traders seem to have taken a wait-and-see approach in anticipation of the Bank of Russia Board of Directors meeting to be held this Friday. Until then, the market is likely to remain stable.
That’s all for now. We wish you profitable deals. See you on our channel with a new video in a couple of hours!

00:00 Introduction
00:24 Situation on the oil market. Brent
01:09 Gold
01:33 USD/RUB
01:53 Will there be a rate increase?
02:15 Russian stock market
02:35 Conclusion

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