Invests.com – The Moscow World Exchange prices on Moscow, November 29, have updated their minimum since October 2017. This is shown by auction data.
As for 11:55 of Moscow time, the cost of February for the North Sea oil mix decreased from 1.24% to $ 58.38 per barrel. Just a few minutes earlier, this future price fell to $ 57.78 – for the first time since October 25, 2017, reducing below $ 58.
January's future price for crude oil has fallen by 1.07% to $ 49.73 in barrel – for the first time since October 10, 2017, it was below $ 50 per barrel.
Oil is falling back against a news background about the growth of stocks of raw materials in the US, which was a surprise to the market, said Daniel Egorov, head of the Dukascopy Bank SA trade department According to the US Department of Energy, he increased 3.6 million barrel raw material inventories, while the consensus of Bloomberg analysts expect them to grow only 0.5 million barrels.
However, despite the decline in oil prices, the ruble exchange rate rose sharply against the US dollar. So, at the time of issuing the note, the dollar dropped 0.45% to the level of the previous trading of about 66.66 rubles, the euro – from 0.44% to 75.82 rubles.
The reason for the rise in the price of the Russian currency was the Chairman's soft rhetoric Jerome Powell is kept during a speech in Washington, said the analyst. In particular, Powell noted a possible break in rates to assess the effects of financial tightening on the American economy.
The expected trading range per day for the dollar is 66.3-67.6 rubles, for the European currency – 75.4-76.9 rubles, showing senior analyst Alpari Vadim Iosub. The likely daily range of trading today for Brent is $ 58.6- $ 59.8 per barrel.
(The text was prepared by Yana Shebalina)
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