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02.12.2021: Oil prices extend losses - Outlook for Brent, USD/RUB, GOLD.

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Hi, everyone! Today, we would like to tell you about a new decline in oil prices, subsided demand for gold, as well as forecasts of the ruble’s dynamics for the coming weeks. Watch the video till the end - you'll find it interesting! According to the trading chart, oil prices continue to edge lower. Brent crude oil has already reached $69 per barrel. Moreover, it has every chance of extending losses. This decline in prices can be attributed to the statement of the head of drugmaker Moderna. He said that existing COVID-19 vaccines were unlikely to be effective against the Omicron variant. His comments sparked fresh worry in financial markets and raised concerns about oil demand. Against this background, prices may fall below $68 followed by a subsequent correction. Oil prices are highly likely to enter a correction as the market is experiencing a supply deficit. The chart shows that US crude inventory figures are still negative. If this trend continues, oil prices may well rise to $73-75 per barrel as part of a correction. After a five-week winning streak and hitting a six-month high on Friday, the US dollar began to lose ground against the ruble. On Wednesday, the greenback closed the trading session on the Moscow Exchange at 74.20 rubles per dollar, down by more than 2 rubles from the previous week's closing levels. The Russian currency is being supported by a weaker US dollar across the board as well as lower geopolitical risks. This week, trading activity is likely to be rather thin. The dollar/ruble pair is expected to trade within a range between the levels of 73.80 and 74.5 rubles per dollar. What is your outlook for the ruble exchange rate this winter? Leave comments. Speaking of the precious metal, gold is in no hurry to recover. It is currently trading at $1,775 per ounce and may slide to $1,770 by the end of the week. However, this decline will hardly be long-term. The US market is now under pressure and market participants may shift their focus to the safe-haven asset at any moment. Therefore, gold is unlikely to drop below $1,750 an ounce. In the meantime, investors are assessing the prospects for dollar strength following the speech of US Federal Reserve Chair Jerome Powell. He acknowledged that inflation in the US is no longer a temporary phenomenon and it is time to take measures to curb it. In particular, the regulator may wrap up bond purchases earlier than planned. In case of monetary policy tightening, the greenback will most likely gain in value. This, in turn, will lead to a short-term decline in oil prices to the specified level.
Well, that’s it. Stay tuned. See you!

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00:00 Intro
00:16 BRENT
01:00 CRUDE OIL INVENTORIES
01:23 USD | RUB
02:11 GOLD
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