A sell-off in oil and
A sell-off in oil and ruble was caused by a worsening sentiment on the global markets. The return of Russian opposition leader Alexei Navalny to Moscow has also weighed on the Russian currency. In the near future, traders will closely watch the inauguration of Joe Biden on January 20. They will also anticipate the implementation of support measures for the US economy. Investors have changed their attitude towards the US dollar as it continues to develop a steady uptrend. Financial initiatives of the US President may limit the dollar’s rally and improve risk appetite. However, increased worries over inflation and a possible interest rate hike strengthen the position of the greenback in the short term. Markets will also wait for the approval of Janet Yellen as the US Treasury Secretary. Although the new administration has not announced any changes to the US dollar rate, it is likely to face sharp fluctuations in the coming days. A stronger US dollar is the main reason for a correction in the energy market. On Monday morning, Brent contract with the nearest expiration lost nearly 1% of its value. In the afternoon trade, oil prices continued to move moderately lower. At one point, oil beras managed to push the quotes below 55 dollars per barrel. WTI crude futures were trading at 52 dollars 30 cents per barrel. Increased fears over weak fuel demand amid the pandemic restrictions have also put oil prices under pressure. Many countries worldwide are imposing tighter lockdowns to curb the spread of the virus. Besides, US shale oil producers continue to benefit from higher oil prices and are ramping up production. The number of active oil rigs in the US rose over the past week. Active drilling of oil may result in higher crude supply which will deepen the existing imbalance in the energy market. Amid low fuel consumption, Brent is likely to trade in the range between 50 and 55 dollars per barrel. The support level of 52 looks rather weak, so the price may easily break below it in the coming sessions.
Last week, the ruble developed an uptrend which is now followed by a correctional decline. The downward movement may accelerate soon. The ruble opened the session on Monday with a sharp decline to the 74 level against the US dollar. The tax payment period may partially offset this negative trend. However, potential worsening of the political situation in Russia may push the ruble to even lower levels. Western countries are planning to respond to the detention of Alexei Navalny who returned to Russia after being poisoned. Some governments have called for new sanctions against Russia. The nearest support for the ruble is found at 74.7, but it is unlikely to resist the pressure from the US dollar. So, the first downward target may become the level of 76 rubles per dollar. The previous forecast of 70-72 rubles per dollar has not been confirmed. The ruble is now facing a new wave of decline.
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