Crude oil has faced renewed selling pressure today.
Oil prices have been weighed down by a sudden 5.2-million-barrel rise in US crude oil inventories. After all, analysts expected a drawdown of 1.2 million barrels. However, data from the American Petroleum Institute often differs from that of the US Energy Department that will be published today. If the latter confirms an increase in stockpiles, oil prices may lose more ground. According to forecasts, US crude oil inventories may fall by 1.4 million barrels. Gasoline stocks are expected to decrease by 0.5 million barrels. If the figures meet expectations, the asset will have a chance of gaining value.
Yesterday, Brent crude dipped by another 1.5%, moving deeper into oversold territory in shorter time frames. A somber mood still prevails in the market. Thus, there is a likelihood that short selling will resume, thus dragging the benchmark to the level of 70.
Gold is still trading at around $1,960. However, yesterday's preliminary inflation estimates for euro area member states show a more pronounced slowdown in consumer price growth, which could exert pressure on Europe’s single currency. That is, the US dollar could gain more ground. Given the inverse correlation between the greenback and gold, the yellow metal may well return to $1,940 per ounce.
At the moment, it is too early to talk about a bullish reversal. From a technical point of view, investors remain in a bearish mood. A shift in market sentiment is possible only after the price rises above the 2,000 mark.
Meanwhile, the Russian currency continues to trade at around 81 rubles per dollar, with no attempts to go down, as it was the day before. Not long ago, we expected the price to stabilize in the range of 79 to 80 rubles. Now, increased risks caused by recent events do not allow us to hope for it. At best, the market may try to form a new range between the levels of 80 and 81 rubles per dollar.
The dollar/ruble pair will most likely spend the next couple of days drifting around current levels, after which investors will start to reassess the situation. If there are signs of fading risks, the pair will edge a bit lower early next week. However, judging by the way events are unfolding, this scenario is unlikely.

00:00 Introduction
00:06 Oil Market Situation
00:56 Brent
01:19 Gold
02:10 USD/RUB
03:08 Conclusion

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