Oil is clearly trying to stabilize and along the way somewhat reduce the level of volatility. Prices are struggling to rise just above $76 per barrel but then plunge below this level. The main reason for such sentiment is the rising risk of a default in the United States, which negates any news capable of pushing oil prices up. A potential default could lead to chaos in financial markets and interest rate hikes, which would hurt fuel demand both domestically and globally.
It looks like the market is attempting to form a new sideways range between the levels of $74 and $76 per barrel. Of course, it is possible to work within the established corridor, but the most significant price changes will occur after the price breaks through one of its boundaries.
Market sentiment is also affected by easing worries about new sanctions against Russian energy. At the same time, production cuts by OPEC and its allies have not yet resulted in any tangible oil shortages. Apparently, the market situation will remain unchanged until tomorrow's release of data on US crude oil and gasoline inventories.
Meanwhile, gold continues to trade under pressure, coming close to $1,950 per ounce. Below this level, the quotes were last seen in the middle of March, that is, more than two months ago. If the asset fixes below the 1,950 mark, the volume of short positions will most likely increase.
A decline in gold prices indicates that investors do not believe in the end of the Fed’s rate-hike cycle. The European Central Bank is in no hurry to speculate on possible monetary easing steps. The only thing policymakers are talking about is further interest rate increases. This in turn exerts modest but permanent pressure on the yellow metal. Against this background, gold may well dip below $1,950 per ounce within a week or two. Whereas there are no driving forces that could back the metal up.
The ruble seems to have stabilized. However, the range of its fluctuations is somewhat greater than previously observed in similar situations. Traditionally, the boundaries of the ranges were at a distance of one ruble from each other. Nevertheless, there are signs of its gradual narrowing. If the greenback fails to consolidate above 80 rubles within a couple of days, the dollar/ruble pair will most likely spend the next trading week drifting in the range of 79 to 80 rubles per dollar.

00:00 Introduction
00:39 Brent
01:02 Oil Market Situation
01:27 Gold
01:48 Pressure on Gold
02:26 USD/RUB
03:00 Conclusion

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