Oil prices are set to finish the trading week with notable gains. The Brent crude international benchmark grade is trading in a range of 64 to 65 US dollars a barrel that is 8% up from the closing price of the last week. Crude oil still has prospects for a further upside amid escalating geopolitical tensions in the Middle East.
Meanwhile, energy investors avoid robust trading in light of the news from Riyadh. The Saudi-led coalition launched a military operation north of Yemen’s port city of Hodeidah. Besides, the US unveiled plans to arrange its own coalition with a view to curbing a threat from Iran. Washington is eager to assure the world community that Iran is to blame for the drone attacks on oil facilities in Saudi Arabia.
The steady rally of oil prices are supportive to the Russian ruble. Today the dollar/ruble pair is heading lower with the target below 63.80. Apart from oil prices, the ruble finds support from growing appetite for risk. The Russian currency is enjoying demand as traders expect progress in the new round of the trade talks between the US and China.
Besides, market participants pin hopes that the Federal Reserve could eventually continue with further monetary easing. Traders are ready for new tweets from Donald Trump with new portion of fierce criticism of the central bank. The President is likely to give Jerome Powell a new push to make the official funds rate lower.
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